Orlando-based event production company Paradise Show & Design paid $3.25 million on Nov. 18 to more than double its space in the Thirty Third Street Industrial Park, selling one building and buying another with plans for a hiring binge in the coming year, the company's president told GrowthSpotter.
Headquartered in Orlando, Paradise Show & Design is a full-service staging and production company that specializes in large-scale lighting, sound, video, scene design and buildout for events. The company has production offices in Las Vegas and Freeport, Bahamas.
"Timing is everything. Interest rates are favorable, the tide is rising in our business and we've been out of space for a while now," said Larry Epstein. "We've struggled the last few years on space limitations, and realtors have been circling with offers to sell.
"Our plan was to do a 1031 exchange, which we executed successfully," he continued. "What we found is the market for this size of 20,000 to 40,000 square feet is very limited, so that was a big scare. We wanted to stay in our neighborhood, and we got that done."
Located at 3855 St. Valentine Way, the newly acquired 2.86-acre property features two unattached warehouse buildings totaling 42,183 square feet of conditioned area, with one built in 1984 and the other in 2011.
The seller was Kennedy 34th Street LP, an affiliate of Nephron Pharmaceuticals Corp. Nephron used the building up until 2014 when it relocated to a larger space within the industrial park in another building it owned.
On the same day, Paradise Show & Design was able to close a sale of its former home within the industrial park for $1.8 million to a South Florida group, a 17,381-square-foot building at 3439 Maggie Blvd. Epstein's affiliate LLC previously paid $975,000 in July 2003.
Epstein said the company is already moving into its new home, and with more than double the space will invest in new fixtures and furniture for the building and some interior buildout. The company currently has 30 staff, and could add six to eight new positions in the coming year, he said.
Chuck McNulty of The McNulty Group represented Paradise on both property transactions.