A local family-owned construction hauling, excavation, demolition and debris removal business paid $5 million in late January for land in southeast Orlando, where it can more than triple its former footprint for expansion.
Located at 990 Rocket Blvd. in Orlando, the 29.85-acre property is served by rail, borders the Florida Turnpike and lies just west of Orlando International Airport.
Hemant "Herb" Maharaj and Dhanmatee "Carmen" Maharaj bought the property, and own and operate local businesses Central Hauling & Excavating and Central Crusher LLC.
The seller was Coreslab Structures (Orlando) Inc., which had previously operated a concrete product manufacturing facility on site up until the fourth quarter of last year.
Coreslab relocated that operation to a new facility in Lake County's Okahumpka, in order to expand and retool. The company previously paid $277,500 for the site in 1993.
The Maharajs had been leasing 5 acres of the property for the past nine years from Coreslab, and jumped at the opportunity to buy the entire site when they learned last year their landlord would be moving.
With the full 30 acres at their disposal, the family's companies will focus on expanding their concrete and demolition debris recycling business, Herb Maharaj told GrowthSpotter. Crushed concrete has strong secondary market demand for base layers in roads, parking lots, brick pavers and other areas of real estate development.
The companies are currently working under contracts with Orlando International Airport for demolition, debris haul and supplying base material for parking lots at the new terminal now under construction, Maharaj said.
The sale closed on Jan. 31, with the deed recorded Monday morning in Orange County.
The property currently features three small office and service buildings that total about 3,100 square feet of conditioned area, dating to 1969. Maharaj said he has no plans for new structures there this year.
The Maharaj family sourced a $3 million mortgage directly from Coreslab to help finance the acquisition.