A single-story office building is in the works for Research Parkway near UCF under a partnership between GrayPointe Capital of Orlando and New Market Strategies of Stuart, after purchasing 13 acres and planning approximately 100,000 square feet built to suit corporate tenants.
“It will be a little different – it won’t be that 3- to 4-story building with multiple tenants. We want to focus on a single tenant, find that large corporate user,” GrayPointe Principal Jeff Gray told GrowthSpotter, adding that breaking the space up for two or three tenants of 30,000 square feet or more would be an option. “We want to create that corporate campus environment.”
GrayPointe and NMS paid a recorded $2 million to buy the parcel from investment group CFRP Owner LLC. Delivery for tenants is aimed at the third quarter of next year, Gray said. KPM Franklin and principal Robby Moon are handling civil engineering work, Gray said. Entitlements are in place pending plan county and WMD approvals. GrayPointe has not selected an architect or contractor yet.
The build-to-suit approach includes the ability to change the initial site plan, which shows two 45,000-square-foot buildings, and an intent to provide “large open floor plates that will provide ... great flexibility,” Gray said.
“We love the market, the synergies between UCF and the tenants in Research Park,” he said of the decision to build at the location. “Also the technology and defense sectors in that market continue to grow,” as well as nearby housing suitable for executives.
GrayPointe will manage leasing and seek 7-year terms or longer, adding the property to an existing portfolio. It’s also building 20 townhomes on N. Fern Creek Avenue north of Colonial Drive, 10 of which have been delivered, Gray said.
An office building immediately west of GrayPointe’s property just changed hands in May. TerraCap Management paid $39.19 million total for 12001 Research Parkway and a second property at 13501 Ingenuity Drive. Director of Acquisitions Steve Good said at the time that TerraCap is seeking yield-producing hotel, office and multifamily assets in Central Florida.