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Three Seminole County commercial deals add up to top $41.6M this week

An aerial view of the 15-building North Lake Business Park (outlined in red) in Altamonte Springs.
An aerial view of the 15-building North Lake Business Park (outlined in red) in Altamonte Springs. (Taurus Investment Holdings)

A 15-building office park in Altamonte Springs led the pack in a jumble of commercial sales that took place this week in Seminole County.

Taurus Investment Holdings scooped up a 271,400-square-foot office park in Altamonte Springs for $28.5 million.

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The single-story office campus, called North Lake Business Park, sold 86% leased to tenants included BioPlus Speciality Pharmacy, Wood Group, and Eizo Rugged Solutions.

In total, Taurus acquired about 29 acres of property.

North Lake Business Park is located at 370-774 Northlake Blvd. and runs parallel to Interstate 4.

Marcus & Millichap brokered the deal. The seller is a split interest between entities tied to Real Capital Solutions based in Louisville, Colorado.

Records show, Taurus scored $20.77 million in financing from Metlife Real Estate Investors.

An aerial view of the Village At Market Place of Lake Mary.
An aerial view of the Village At Market Place of Lake Mary. (Seminole County Property Appraiser)

In Sanford, a 69,090-square-foot retail center, built in 1982, sold for $6 million.

The Village At Market Place of Lake Mary at 3818-3848 S. Orlando Dr. traded hands for about $90 per square foot.

Records show the sellers are a company led by property investors Herbert and Dorothy Kunstadt. Herbert Kunstadt runs an engineering and real estate consulting service company in New York.

The couple paid $1.8 million for the 8.9-acre property in 2001.

The buyer, Moon Village LLC, is managed by Mohammed Moon in Orlando. Records show, the entity secured $3.9 million in financing from MidFlorida Credit Union.

Andrew Jaworski and Salim Valiani at Marcus & Millichap’s Orlando office had the listing. The buyer was represented by Marcus & Millichap’s Salim Valiani.

Garrett Fierstein at Marcus & Millichap helped fund and supervise the transaction.

Anchor tenants for the property include American Freight Furniture Supply and Harbor Freight Tools. The deal sold at a 7.68% CAP rate.

“The subject property featured a large vacancy-factor with a large share of deferred maintenance allowing for a true-value add opportunity for the incoming buyer,” Jaworski said in a press release.

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The fast-growing home and garden retailer has identified 700 potential sites for new stores. This one is coming to Sanford.

Also in Sanford, a recently completed Tractor Supply Co. store sold for $7.13 million.

The 18,900-square-foot store is the company’s first in Seminole County and fourth in the Orlando metro area.

Records show a company tied to Crawmet Corp., based in Ontario Canada, is the buyer.

The single-tenant building was completed last year on a roughly 6-acre assemblage of land on State Road 46 (West First Street) between Central Park Drive and South White Cedar Road.

R.A. Wilson Enterprises, the exclusive developer for Tractor Supply Co., sold the property.

Essex Investments of Longwood LLC, led by businessman Ashish Kapadia, assembled the land (six parcels) and rezoned the property to R.A. Wilson Enterprises for $1.3 million last year in October.

Kapadia started assembling the land where the store will be located in 1995, purchasing the last piece in 2003. He paid a total of $950,000 for the six parcels, according to Seminole County records.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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