A South American development group with local flex-industrial experience paid $2.6 million on June 4 for its next potential warehouse park site near Orlando International Airport.
Located at 9197 Boggy Creek Road and bordered by Dowden Road, the property is near S.R. 528, the Florida Turnpike and Interstate 4 with 17.9 gross acres, of which 12 are developable due to wetland conservation.
Orlando-based La Rua Development was the buyer, a new investment vehicle formed by AnaMaria Morgado and Mariana Rivas. The two and Manuel Morgado have operated multiple commercial real estate businesses locally in recent years.
They previously developed the Orangewood Business Park in south Orlando, with 138,450 square feet of flex-industrial across eight buildings, built in phases between 2008 and 2013.
The new property has been previously approved by the city for up to 148,000 square feet of industrial use. An estimated $500,000 worth of site work likely lies ahead, said Greg Rebman of GR Properties, listing agent for the seller.
Officials with the company did not respond to calls for comment on Friday. Winter Park-based attorney and broker Philip Tatich represented the buyer, and said he anticipates they are working on a conceptual design that can pick up the previously approved plans with slight updates.
The seller was Blue Land Group, an investment vehicle managed by Brazilian Thiago E. Bonfim Nagumo, which previously paid $991,750 in November 2013.
Blue Land had intended to develop the site for flex-industrial space, but in recent years depreciation of Brazil's currency against the U.S. dollar made transferring more funds in from Brazil unfeasible, Rebman said. The group ultimately opted to take the profit on the land's value appreciation.
"There's been a lot more land activity in the last three months," Rebman said. "I had several people interested. The market is so tight in terms of the industrial building occupancy rate that it's spurring industrial land to escalate in value."