Local CRE investment family buys office bldg on prominent Winter Park corner

A veteran local real estate investor and her family paid $3.23 million on June 28 for a vacant office building in Winter Park, the latest in a year-long assemblage of more than half a block at one of the city's notable intersections.

Located at 1133 W. Morse Blvd., the former SESCO Lighting headquarters lies just east of the N. Orlando Avenue traffic signal.

With 11,361 square feet of leasable area over two stories, the office space has sat vacant since SESCO bought a new building in Maitland in December 2016 and relocated. Tommy Pinel of Cushman & Wakefield and Damien Madsen of Lincoln Property Company represented the seller.  

The buyer was an investment vehicle for the family of Nancy A. Rossman, a developer in Greater Orlando and principal in Osprey Custom Homes. Her father, Norman A. Rossman, formed one of Orlando's oldest homebuilders Bel-Aire Homes in the 1960s, and later became president of BP Development Management Corp., which developed area shopping centers. 

Within that block on the intersection's northeast corner, Rossman affiliates also own a 0.33-acre lot at 220 N. Orlando Ave. that has the former home of Priceless Cleaners now up for lease, and the former Carmel Kitchen restaurant (140 N. Orlando), bought in late June with a new lease lined up for Cinco Tacos + Tequila. 

The former SESCO building offers great flexibility going forward for Rossman, thanks to the property's C-3 zoning. Not limited solely for office, retail and dining uses could now be marketed for the first floor, if redevelopment isn't pursued.  

"I think the building is ideal for a co-working office space use, because it's exactly the kind of urban infill that those brands look for," he told GrowthSpotter. "It will also be catty-corner to the new Winter Park Library and Events Center." 

Within that city block, the other prominent frontage parcels aren't likely candidates for further assemblage by Rossman. Retail developer NGI Investments' Harry Kay owns the lot at 200 N. Orlando, where construction is underway on a 4,500-square-foot dual-tenant building with Sleep Number earmarked for half the space, per marketing materials

A Miami-based family trust owns an auto repair shop property on the hard corner, and has not shown an interest in selling over the past year. 

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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