Coral Springs-based The Eisenberg Group, an investor and manager of industrial real estate, bought its sixth warehouse property in the Orlando area on Oct. 29 for $2.9 million, and is actively seeking more in the market, a principal with the company told GrowthSpotter.
Located at 3851 Center Loop, the 5.26-acre property lies just a few blocks south of the Lake Orlando Golf Club. It features a 62,350-square-foot building built in 1991, which Jay Eisenberg described Friday as a "very well-constructed tilt-up concrete modern warehouse, exactly what we're looking for."
Undeveloped area on the parcel could accommodate a 10,000-square-foot addition to the building, with space left over for new exterior storage, he added.
Eisenberg has a long-term lease in place with a single tenant, Blade Runners Commercial Landscaping, and now plans to repaint the entire exterior and install new roofing. He expects that work to last four to six months, and has yet to hire contractors for it.
Bought via affiliate Center Loop LLC, the father-son team of Jay and Scott Eisenberg took out a loan of $1.75 million from American National Bank of Oakland Park, Fla., to finance the acquisition.
Eisenberg Group owns and manages more than 20 industrial properties, most spread throughout Florida, with five assets in Orlando up until this purchase.
Eisenberg said Friday his group is actively looking for similar industrial properties to acquire in Orlando, and favors modern construction for his future investments.
Eisenberg Group is most active in small- and mid-sized bay multi-tenant warehouse properties, along with large single-tenant industrial.