A New Jersey-based real estate management company with a history of Orlando investment spent $3.9 million last week on a 60,000-square foot property west of College Park, and is looking to place another $15 million into new property this year, a lead executive with the group told GrowthSpotter.
Located at 2251 Mercy Dr., The property is occupied by Suncoast Roofers Supply, which has a long-term lease. There are no plans for renovation at this time.
"We love the Orlando market," he said. "Various factors have allowed the economy to grow there for a long time…. When a nice, functional, fairly new property like this comes along, we look at it as a great long-term investment."
B&D's earlier forays into the Orlando market included a roofing distributor, Bradco Supply. At present, they own a 40,000-square foot building at 9960 S. Orange Ave, currently occupied by ABC Supply.
B&D is on the lookout for additional acquisitions in 2016, with a budget of about $15 million in equity, "but that can fluctuate depending on dispositions and things that we find," Segal said.
At present, they have two other Florida properties under contract, one in Clearwater, the other in Melbourne. Orlando's central location makes it especially attractive, Segal said.
"We like clean, industrial properties – say 30,000 to 75,000 square feet – with outside storage," he added. "That's our main focus. We also do retail, but in Florida – and particularly in Orlando – we like the former. We're interested in pretty much any Orlando submarket that's decent. Functional buildings – they don't have to be new – with strong tenants and any lease terms."
The Mercy Drive deal was brokered by William Wamble, vice president of Tampa-based Redstone Commercial.