Greg Zeifman, president of the Miami Beach-based Z Asset Management Corp., recently paid $5.575 million for Florida Central Commerce Park in Longwood, according to a deed signed April 1 and recorded a week ago in Seminole County.
The Longwood industrial park includes four buildings totaling 119,768 square feet in covered space. The park encompasses 7.23 acres at 1225 Bennett Drive and is accessible by Florida Central Parkway. All the buildings were built in 1989.
“This purchase represented one of the few true industrial value-add opportunities left in the Orlando MSA,” said Nicholas Hanson, a senior associate with Marcus & Millichap’s Orlando office who brokered the deal.
“The new buyer will benefit from being able to increase in-place rents to market levels,” Hanson added.
The seller was Brauser Enterprises II Inc., one of numerous companies owned by Robert Brauser in Pompano Beach. Other Brauser companies include Telecom South Inc., a telecommunications company; LRM Leasing Co., a truck leasing firm; and LRM Truck Repair.
Brauser bought the Longwood property in January 1999 for $3.45 million.
Zeifman told GrowthSpotter his company specializes in buying and operating small-bay, multi-tenant industrial parks. Z Asset Management owns about 1.25 million square feet of similar industrial parks in South Florida, Greater Orlando and the Tampa Bay area, he said. Zeifman declined to comment further on the sale.
Zeifman entered the Orlando market three-and-a-half years ago with a portfolio of three industrial warehouses and has steadily added to his Orlando-area holdings. In August, Z Asset Management paid $4.1 million for a 4-acres business park next to Kissimmee Gateway Airport.
Z Asset Management, through its affiliate, Longwood Commerce Park LLC, secured a $4.1 million mortgage on April 1 from First National Bank of South Miami.