Orlando-based real estate investment group Upshot Capital Advisors paid $725,000 on Monday through one of its funds for the second Mama B's Giant Subs property in Orlando's SoDo District, and has a burgeoning local restaurateur signed to lease, the company's CEO told GrowthSpotter.
Located at 1101 S. Orange Ave. on the southeast corner with Annie Street, the 0.34-acre parcel includes a 2,116-square-foot restaurant building, and lies less than a city block from Orlando Regional Medical Center and the newly rebranded NOVEL Lucerne (formerly Crescent Lucerne) mixed-use development on Gore Street.
Upshot has signed Foxtail Coffee Co. to lease the property. It could be anywhere from the fifth to seventh location for the business, following its two current cafes in Winter Park and at Downtown Orlando's DoveCote restaurant, and as many as four other unconfirmed locations in varied stages of lease negotiation, including space in the newly minted "Hourglass District" of downtown.
"We're excited to announced this partnership with Foxtail, and we believe that with all that's going on at Orlando Regional Medical Center and the new Crescent Lucerne project that this hard corner at Orange and Annie will be a great location for them," said Upshot CEO Raul Socarras, a veteran developer and land use attorney with more than 15 years experience in Greater Orlando.
"We're looking forward to repurposing that downtown property into something more urban and new."
Foxtail owner Alex Tchekmeian told GrowthSpotter he and Upshot have yet to decide whether to renovate the 56-year-old restaurant building on site, or demolish for new construction.
A lot of due diligence lies ahead before determining when that location for Foxtail will be given priority for development, he added, declining to forecast a timeline.
The Mama B's property was first listed for sale in August 2016 at $1.2 million by owners the Adamik family, which were opting to retire after establishing their downtown sandwich shop in 1975. GrowthSpotter first reported that Upshot had the site under contract in mid-June.
The Adamiks' first Mama B's property in north downtown sold in early May for $750,000 to local pet supply and grooming business Magic Pet, which plans to renovate the restaurant into a new store.
Bobby Davidowitz of Exit Realty Central served as listing agent in the property sale. Elliott Jamison and Ryan Kingry of Millenia Partners represented Upshot in lease negotiations with Foxtail, while Eric Vasquez of Palkiper Commercial Real Estate represented the tenant.
The property's LLC affiliate owner will fall under Upshot's Real Estate Fund I LP, which in the past year has bought a vacant office building on Downtown Orlando's E. South Street, has 28 acres under contract on Kissimmee's E192 tech corridor, and bought a 1.56-acre site on Aug. 31 next to Downtown Orlando's Doubletree by Hilton hotel.
Upshot has since filed a demolition permit request to take down a small vacant building on that S. Ivanhoe Boulevard site near the hotel, while still considering redevelopment options, Socarras said.