Dallas-based developer Victory Real Estate Group paid more than $2.27 million on July 21 to enter the Orlando market, buying land east of Winter Pines Golf Course for what will likely be a multi-tenant commercial building.
Located in the 2200 block of N. Semoran Boulevard at the southeast corner with Hanging Moss Road, the property lies just east of Winter Park city limits and across the street from Lakeview Office Park.
The 3.4-acre undeveloped parcel was sold by National Bank of Commerce, which controlled the asset after acquiring the former Riverside Bank of Central Florida, which previously bought the land in 2006 for $1.85 million.
Victory Real Estate is a high-volume developer of mixed-use and built-to-suit commercial mostly in the Dallas-Fort Worth area, but in the past year has started pursuing other types of development and entering the South Florida market.
"This is one of a few new properties we've purchased for retail and built-to-suit opportunities," president and CEO Tony Ramji told GrowthSpotter. "We bought this on spec and have multiple users interested, we're just thinking now about the best uses and are very much in preliminary stage on the property."
One development route could be to sell or lease a restaurant pad to a national chain, and build a small multi-tenant retail building. The company has a handful of LOIs for the property and is evaluating the right fit, Ramji said.
Bowman Consulting has been hired as civil engineer, and the developer has yet to hire an architect.
"We hope to have our first deal signed in the next couple of weeks and then proceed from there," he said.
"I'm pleasantly surprised with how robust the Orlando market is. We're doing projects in Phoenix, Denver, the Carolinas and other big cities, and when I came to Orlando I find it has recovered well from the recession, premiums are priced into the market," Ramji continued. "I think you have to have a lot of experience to come in and do spec development. I think there's a perception by people in the southwest that Florida still had all these opportunities, but I find you can't come in (here), make a mistake and expect to make money."
The buyer took out a $2.42 million loan from Stonegate Bank to help finance the land and future development.