Coral Springs-based The Eisenberg Group, an investor and manager of industrial real estate, is in acquisition mode for Orlando with an eye on small, mid-sized and large bay multi-tenant, after paying $9.925 million for four buildings totaling nearly 186,000 square feet in mid-September, the company's CEO told GrowthSpotter.
Eisenberg now owns and operates more than 800,000 square feet across 10 warehouse properties in Greater Orlando. It's newest assets lie in the Orlando Central Park industrial park, which is set between the Florida Turnpike, Orange Blossom Trail and Sand Lake Road, about eight miles west of Orlando International Airport.
The seller was McCraney Property Company, represented by Mike Davis, executive director of Cushman & Wakefield of Florida.
"I thought the location in Orlando Central Park was an ideal situation, we have been trying to get in there for several years," Jay Eisenberg said on Monday.
Of the four buildings acquired in Orlando Central Park, two offer 20,000 square feet with two tenants each, the third was 30,000 square feet with two tenants, and the fourth was 115,000 square feet with four potential tenants.
The largest building, on Viscount Road, has a tenant set to vacate 47,000 square feet at the end of September, Eisenberg said.
"We saw real value-add opportunity there because of the low rents being paid," he added. "We'll repave the parking facilities, modernize the buildings with paint, landscaping and signage. We see them as stable investments for many years to come."
Eisenberg financed the purchase through a $6.95 million loan from Thrivent Financial, a 10-year fixed rate deal at 70 percent loan to value.
The newly-acquired buildings are located within Orlando Central Park at 2003 Viscount Row, and 1900, 2150 and 2075 Premier Row.
With industrial assets across Florida, The Eisenberg Group "feels very strongly about Orlando and everything it has to offer," and has made the market a focal point for its growth in the past year, Eisenberg said.
The company typically closes within 60 days of contract, and favors properties with an ease of use by a variety of tenants, he said. It now holds most of its Orlando-area assets near the Mall at Millenia, and Orlando Central Park.