An Italian real estate investor with holdings on Orlando's International Drive paid $2.5 million last week to diversify outside the tourism corridor, buying an Apopka building where the seller flipped the asset in less than a year for a $650,000 profit.
Silvio Sonnino's affiliate Yes-Roma Park Ave, LLC closed on the property on April 12, with the deed recorded Wednesday in Orange County.
Located at 515 N. Park Ave. in Apopka directly between two public schools, the two-story retail and office building offers 20,428 square feet of conditioned area, dating to 2008.
"I've been in the tourism industry for a long time in retail, and because the Orlando area is growing so much I wanted to go outside that area with my next investment," Sonnino told GrowthSpotter.
The Apopka building is about 90 percent occupied, said Sonnino, whose family will manage the asset themselves.
He also owns a Taco Bell-leased lot and multi-tenant strip center at 5109 and 5135 International Drive, on the north end of I-Drive directly south of Orlando International Premium Outlets.
Sonnino's Yes-Roma line of businesses include perfume and sunglasses outlet stores in that I-Drive center. He does not anticipate opening any new branches of his own stores at the Apopka property.
The seller in Apopka was Park Avenue Offices LLC, which previously paid close to $1.85 million in September 2017. Managing members include Arie Konforte, owner of U.S. Heating & A/C in Altamonte Springs.
Sonnino said his family is looking for more income-producing commercial properties to invest in this year across Greater Orlando, but declined to elaborate on specific attributes or submarkets he's interested in.