Beverly Hills-based commercial property investor Bel-Cal Properties paid $8.55 million on Feb. 11 for the eight-building Winter Garden Business Park, and is looking for more assets across Greater Orlando in the coming year, the company's president told GrowthSpotter.
Located just south of Colonial Drive (Hwy. 50) on Winter Garden Vineland Road, the seven-acre property features an eight-building flex/office and retail business park. Winter Garden is one of the fastest growing suburbs in the United States, and the park offers smaller units not commonly found in larger business parks.
Its 91,734 square feet of space was fully leased in January prior to sale by former leasing broker Lisa Schummer of FBX Commercial, who worked for then owner Adler Realty Services.
Bel-Cal Properties, itself an affiliate of Westminster Capital, has owned the Alliance International Business Center off of N. International Drive for more than 20 years, which has roughly 100 tenants across 15 buildings and 240,000 square feet. The company owns 20 assets across the U.S. and Canada in a range of market segments, including light industrial, multi-family, office and storage.
Bel-Cal came across Winter Garden Business Park while looking to expand its presence in Orlando, and liked the growth prospects for Winter Garden, Ocoee and Windermere, said Greg Belzberg, president and CEO.
"Orlando has been an improving market for us over the last four years, and we like our management team a lot there," he said. "We liked Winter Garden specifically because it's an up-and-coming area, with a new hospital coming in and a revitalization of its downtown."
Tenants at Winter Garden Business Park include a diverse mix of local and publicly-traded companies, including a pet resort, fitness center and dialysis center. Minor cosmetic upgrades will be made to the property this year, as previous owner Adler left virtually no deferred maintenance, Belzberg said.
Looking ahead, Bel-Cal will be actively looking for income-generating assets in markets that project to continue appreciating in value, as well as value-add opportunities, he said.
"We like to be close to our existing assets, but are open to all submarkets in the area," Belzberg continued.
Lisa Bailey of Avison Young represented the buyer in the purchase, and Rebecca Whitley of Avison Young is now serving as property manager.
Bel-Cal took out a loan of $5.55 million to help finance the purchase from New York-based The Bancorp Bank.