A Miami-based real estate attorney and his wife paid $3.1 million on Friday for their first commercial real estate asset in Orlando, buying a College Park warehouse with the benefit of a government tenant.
Located at 1551 College Park Business Center Road, just north of the Country Club of Orlando, the 2-acre parcel features a 30,000-square-foot Class B warehouse built in 2008.
The buyers were Hugo Florido, Jr. and Lorraine Florido. The two operate Florido Law Group in Miami Lakes, a firm specializing in bankruptcy, real estate and immigration law.
The couple also dabble in real estate investment. They've owned rental home properties in Central Florida, and in February sold a multifamily asset in Winter Springs that prompted a 1031 exchange opportunity.
Reinvesting those proceeds led them to seek out single-tenant commercial properties in Gainesville and now Orlando, their first in the local market, Hugo Florido told GrowthSpotter.
"We fell in love with the College Park area and thought this would be a nice asset to hold," he said. "The property is leased by a department of the state of Florida. It had a nice Cap rate at a time when those are hard to find."
Florido has identified the final two CRE assets he'll need to fulfill the 1031, with closings planned in the next month near Clearwater, he said.
"We'll be looking for more in Orlando eventually. I want to get this 1031 done, but Orlando is an up-and-coming area. I almost pulled a similar deal in Kissimmee."
The buyer sourced a $2.325 million mortgage from CenterState Bank to help close the deal.
The seller was an investment affiliate of Nathan Lee Head, a former general contractor in Panama City, who previously paid $2.35 million in September 2015. He has a documented history of buying industrial properties around the state and leasing them long-term to Florida's departments of Revenue and Corrections.