American Forklift Rental & Supply paid $780,000 on Friday to acquire 1.84 acres near the Thirty Third Street Industrial park area in southwest Orlando, putting the company in position to expand this year, with construction equipment servicing a potential new niche, the company's president told GrowthSpotter on Monday.
Located at 5387 L.B. McLeod Road near the intersection with S. Kirkman Road, the property features a 28-year-old warehouse with 6,899 square feet of usable space, and another 6,000 square feet of outdoor space under roof.
Operating since 2006, American Forklift sells, rents and services forklifts, with its customer base primarily in warehouse distribution and construction. The company moved from a previous warehouse with 4,000 square feet in October to lease the L.B. McLeod Road property for the past four months, until financing came through for the purchase.
"This move will allow us to acquire more equipment, and have a bigger service area to help our customers with repair work," said Joseph Garcia, company president. "We may expand into servicing more construction equipment and possibly (tractor trailer) truck service repair. We have to investigate that further, but we have the ability now with the property size."
The company's new location is ideally located in a heavy industrial area of southwest Orlando, with convenient access to Interstate 4 and the Florida Turnpike.
With a staff of 12, American Forklift generated $1.2 million in annual revenue last year, a figure that could reach $2 million this year, Garcia said.
The company acquired a Small Business Administration loan of $907,000 from Fidelity Bank out of Covington, Georgia, to fund the property purchase and expansion plans.
Minimal investment will be needed on the new property, Garcia said, with painting, cleaning and activation of a security system planned for later this year.
American Forklift will continue to rent a portion of the property to charter bus company Phoenix Bus for vehicle storage.