A pair of brothers who own a local insurance company paid $5.2 million last week for approximately 50,000 square feet of flex office/warehouse space just blocks from the busy Lee Road - Interstate 4 interchange.
Douglas and Stephen Foreman, CEO and President of Fringe Benefit Plans, Inc., formed an investment fund to acquire the Adanson Business Park at 5125-5135 Adanson Street in Orlando.
The asset consists to two identical 27,144-square-foot, small bay flex buildings constructed in the mid-1980s on a combined 4.55 acres. The tenant mix of the property is roughly 70:30 office to warehouse.
"It's in excellent condition and has been an excellent property and stable investment for the 10 years we've managed it," said Bryan A. Johnson of Southeastern Realty Group, which has been retained as the manager and leasing agent.
Johnson said the property was 95-percent leased at the time of the sale. His firm represented the sellers, a family-owned investment vehicle that had owned it since 2002, and sold the property through a direct marketing campaign.
"There was a lot of interest, because there's not a lot of flex space available in the market right now, and small-bay always has potential for value-add," he told GrowthSpotter.
In addition, the neighborhood has seen significant investment recently with the addition of a Walmart Neighborhood Market and Planet Fitness across the street at Adanson Marketplace.
The buyers sourced a $4 million loan from Seacoast National Bank.