An investment group with ties to the Middle Eastern emirate of Dubai has purchased a 10-building industrial park near Orlando Sanford International Airport.
AIM 786 LLC, a company headed by Sanford investor Abbas L. Datoo, purchased the Delphini Industrial Park for $1.6 million, according to a deed recorded Sept. 29 in Seminole County. The park encompasses 3.18 acres on Delphini Park Lane, just off SR 46 in Sanford.
The seller was Land Holding LLC, a company affiliated with PNC Bank of Pittsburgh. The bank obtained the property through an August 2015 foreclosure in lieu of a $1.5 million judgement, plus $27,593 in legal costs, against the former owners Delphini Industrial Park at Northstar LLC, according to U.S. District Court records.
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The buildings are 40 percent leased, and those tenants have been signed to short-term agreements, said Lawson Dann, senior vice president with Avison Young, who listed the property.
"The idea was to keep those tenants in there," Dann told GrowthSpotter. "The bank is looking to get it off their books, not for long-term lease-up and flip."
Dann said the group of investors that includes Datoo are "out of Dubai," a modern city on the Persian Gulf that is part of the United Arab Emirates.
The industrial park's 10 pre-engineered steel buildings were built in 2007 and total 37,800 square feet. About 25,000 square feet is available for leasing, said Paul Partyka, the property leasing agent with NAI Realvest.
"We feel it is a very attractive and optimum location because it's near the Sanford Airport," Partyka said. "Hopefully we'll have it leased up pretty quickly."
Partyka said the new owners have no plans for major renovations, but they can build extra space to suit tenants and will hire local contractors for those modifications.
"The property is all complete, but if someone wants some office build-out, we can handle that like any tenant improvement," he said. "Some of the stuff can be done in-house; we're going to have a property manager. But if there is anything more than a minor issue, we will hire local contractors to do that."
The sale comes as nearby SR 46 is being widened from two to four lanes. That helps make the property perfectly positioned for services that support the airport, Partyka said.
"We're already preparing the marketing materials," he said. "They should be hitting the street in a week."
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