National publicly-traded REIT Duke Realty Corporation has nearly 15 acres under contract in the tourism corridor neighboring the Tangelo Park community, with plans for a build-to-suit warehouse and storage facility.
As the last remaining undeveloped lot within the Florida Center Unit 11 industrial park, the location was described on Tuesday as a potential steal for Duke Realty, and a "sleeper infill site" not widely marketed, according to multiple local industrial brokers polled by GrowthSpotter.
Many assumed the property was owned by Sentinel Real Estate as part of its nearby Sand Lake West Business Park, and the property had an history of retaining water on its northeast side following heavy rains.
Dry and wet retention ponds are proposed for the north end of the property in the plans. Duke Realty also needs a variance approved by the city for violating a 300-foot buffer when outdoor storage abuts R-1 zoning, which would be on the eastern boundary against Tangelo Park homes.
City planners are still reviewing the application and working on a staff report this week. The request should go before Orlando's Board of Zoning Adjustment on Feb. 28.
The applicant has held meetings with the Tangelo Neighborhood Association and county officials, and the city has mailed notices to all neighboring properties within 300 feet, according to a city spokeswoman. Duke would increase its landscaping 1.5 times what is required to minimize impact on the neighboring homes.
The owner and prospective seller is Miami-based Municipal Drive LLC, which paid $4.5 million for the land in June 2006.
The directors behind that LLC are children of real estate magnate Rubens Menin Teixeira de Souza, who in 1979 founded MRV Engenharia e Participações, now one of Brazil's largest real estate developers.
Rubens Menin also was a founding partner of Brazil's Banco Intermedium, one of the country's largest private banks.
A member of Forbes' "The World's Billionaires" list as recently as 2014, Rubens Menin founded a number of other Brazilian development companies, has invested in Florida commercial and multifamily projects since 2000, and is currently chairman of the board of Miami-based AHS Development Group.
Directors of the Orlando property's LLC are Maria Fernanda Nazareth Menin Teixeira de Souza Maia, chief legal officer at MRV Engenharia, and João Vitor Nazareth Menin Teixeira de Souza, a member of the board of directors at Banco Intermedium.
Duke Realty specializes in the development, ownership and management of bulk industrial facilities. It owns and manages 3.9 million square feet of industrial properties in Central Florida across Tampa and Orlando.
Duke's only other active project in Central Florida at the moment is its first warehouse (337,447 square feet) in the master-planned Tampa Regional Industrial Park (1.1 million SF), which broke ground last month. It's the largest speculatively developed warehouse in Hillsborough County in eight years, according to the company.