Boston-Based High Street Realty continued its energetic move into Greater Orlando's industrial real estate market with the recent purchase of a 57,600-square-foot warehouse in Lake Mary.
High Street, a major investor in warehouse and distribution property in the eastern United States, paid $2.78 million for the warehouse at 1051 Sand Pond Road. The current occupants and former owner, Charisma Media, will continue to occupy the property in a lease-back agreement.
The Boston firm secured a $1.46 million mortgage on the property from American United Life Insurance Co. out of Indianapolis.
In May, High Street bought three parcels on Shader Road in northwest Orlando for $6.3 million. The 9.474 acres included a fully-leased 122,605-square-foot industrial building, and 2.44 acres of adjacent, undeveloped land.
High Street also owns two Class A warehouses near Orlando International Airport.
Cite Partners, a commercial real estate advisory group in Orlando, helped High Street find both the Sand Pond Road and Shader Road properties. Bobby Isola, the firm's director and principal, said demand for commercial and industrial property is strong and the supply is thin.
"It's the same sentiment you're hearing throughout the rest of the industrial market of the appetite by investment and equity groups to place money around the Orlando area," Isola said.
The seller of the Sand Pond Road Property was Strang Properties LLC, owned by Steve Strang. He is also the founder and CEO of Charisma Media, a publisher of charismatic and Pentecostal magazines and digital media.
Asked about his future in real estate, Strang said he has no plans to develop anything else with the money from the sale. He declined further comment.
Isola said he wouldn't be surprised if High Street continues to buy property in the metro Orlando area. The company has a portfolio of more than 14 million square feet of multi-tenant industrial real estate in eight major markets.
"High Street has been really active in continuing to look for more property," he said. "It's great to work with them, they react quickly."