An investment affiliate of Hanover Capital Partners paid $8.4 million last week to acquire a 10-acre retail and industrial complex just off S. Orange Blossom Trail near the Poinciana SunRail station.
The five-building campus has a total of 96,528 square feet of office, industrial, retail and showroom space. It's next door to a 50,000-square-foot industrial asset Hanover purchased in 2015, Vice President of Investments Matt Orosz told GrowthSpotter.
"We've been really committed to that submarket on the residential side for a while," Orosz said. "We felt it was a great building that really suits the needs of the residents in that area, and it has SunRail right across the street."
The campus was 90 percent occupied at the time of the sale, and it has one remaining undeveloped lot that could accommodate an additional 20,000 square feet of small bay flex industrial. Retail tenants include Osceola County, Massey Services and Anytime Fitness.
The property was developed by Maitland-based Small Bay Partners, a partnership led by investors Howard Schieferdecker, Geof Longstaff and the late George Livingston. NAI Realvest Principal Michael Heidrich was also an investment partner and brokered the sale, along with Kevin O'Connor and Matt Cichocki.
Heidrich said the partners had previously developed and sold four other mixed-use centers between 2000 and 2007 having successfully predicted a need to target industrial users of from 2,000 to 25,000 square feet. The Poinciana Commerce Center was the partners' last development project, though they still own 16 acres in Apopka.
"It's been a successful partnership for nearly 20 years, but right now we're ready to divest and dissolve," Heidrich said.
NAI Realvest will continue to manage and lease the property.
Hanover also owns a 300,000-square-foot industrial park on Shader Road in Orlando. The company's homebuilding division is currently developing Overstreet, a 200-lot subdivision on Ham Brown Road at Poinciana Boulevard, about 5 miles from the Commerce Center.