Toronto-based CCR Solutions, an events and audio-visual services provider, paid $2.05 million in recent weeks to more than double its operating space in Orlando, betting on the continued strength of the U.S. economy and the area's meeting and event needs.
Located at 4351 35th St., the 1.43-acre parcel includes a 24,700-square-foot HVAC warehouse with 2,700 square feet of office space, dating to 1976.
"CCR Solutions has been steadily growing in our Orlando location over the last several years with a multimillion dollar investment in people, inventory and infrastructure due to market factors which include a strong U.S. economy and Orlando being one of the largest meeting and events markets in North America," president Peter Sternberg told GrowthSpotter. "We need more space to accommodate the business.
"The new building is in great condition but we are investing in a new roof and some small modifications to accommodate our scenic shop, multimedia department and storage for our large equipment inventory," he added.
CCR Solutions is working on a four- to six-week timeline, and Sternberg said that local providers have been hired for most of the work but they are still pursuing candidates.
In business since 1995, CCR has U.S. offices in Orlando, Boston and Las Vegas, plus a Canada office in Vancouver and headquarters in Toronto.
The company's former space, an 11,592-square-foot warehouse at 8811 Boggy Creek Road dating to 1997, was listed in recent months at $1.255 million.
"We have conditionally sold our old property on Boggy Creek, there was a lot of interest and it went quickly," Sternberg said.
Rich Bercini of Mass Properties, who represents CCR Solutions, said the Boggy Creek building is under contract and will close in 30 to 40 days, with the buyer currently doing due diligence.
Bercini, who five years ago sold CCR the Boggy Creek building, said, "Their business is growing by leaps and bounds. They are really doing well. I'd been looking 18 to 30 months to find something for them. They need the space."
CCR sourced a $1.576 million mortgage from BMO Harris Bank to help close the deal.
The sellers were Charles J. and Norma J. Frazee, who previously paid $1.23 million for the property in August 2013. Charles is the CEO of Frazee Inc., a hospitality renovation company with an office in Orlando and clients that include Hyatt and other upscale hotels and resorts.
Cory Kroeger of Kroeger Commercial served as listing agent for the Frazees.