Daytona Beach-based Charles Wayne Properties has purchased an 8.49-acre property, Monroe CommerCenter South in Sanford, for $9.55 million, broker CBRE said Thursday.
With 116,500 square feet of leasable office and warehouse space, the five-building property benefitted from proximity to Interstate 4 and strong demand in the sector that's driving expected rent increase, said CBRE Executive Vice President Ron Rogg, who with Chip Wooten represented seller Monroe South RE LLC of Miami.
"Selling Monroe CommerCenter South was a highly competitive process, which speaks to the strength of the industrial market and growing economy in Central Florida," he said.
The property east of Interstate 4 between U.S. 17 and State Road 46 is 89 percent leased to tenants in services, construction, technology and other industries, CBRE officials said. The property, which includes showroom, industrial and flex spaces, was built in 2003 with NAI Realvest and Small Bay Partners as developers.
With employment growth in Metro Orlando projected by Moody's analytics to average 2.1 percent annually for the next five years, and new retail and residential development in the market, new ownership sees an opportunity to leverage increased demand, CBRE officials said.
Charles Wayne Properties' other holdings in the area include Sanlando Commerce Center in Altamonte Springs, Primera Court I & II in Lake Mary and University Court near UCF. NAI Realvest's team headed by Principal Michael Heidrich will continue to lease the properties with an affiliate of Charles Wayne taking over asset- and investment-management duties. The buildings are located at 627-655 Progress Way, 663-691 Progress Way, 703-739 Progress Way, 4141-4186 Incubator Court and 4140 Flex Court.
Ted Lightman, principal at Charles Wayne, said the company seeks to continue adding commercial properties in Metro Orlando.
"We saw an opportunity in Monroe CommerCenter South to leverage increased industrial demand fueled by increased new residential and retail development in the market, particularly in north Seminole and nearby DeBary in southwest Volusia County," he said.
"Charles Wayne was an ideal buyer, having a great track record in the market, and a reputation for closing on deals they target," Rogg said.
Similar properties in the immediate area have changed hands in recent months. Those include:
- The 110,000-square-foot Vantage Point industrial-flex park in Sanford sold about a week ago for $13,400,000, located at 570 Monroe Rd. northeast of the Interstate 4 interchange at State Road 46.
- Two industrial properties in different phases of Sanford’s Monroe CommerCenter sold for a combined $1.5 million in the spring, including a 17,280-square-foot building located at 4295 Church St. and a 2,700-square-foot condo-unit property at 4280 Church St.
- And several properties are under development including a 34-acre mixed-use development by Dwight Saathoff’s Project Finance & Development LLC, two Hickman Enterprises projects with a 16-acre development on Lake Mary Boulevard and 11,000 square feet built to suit on Evangeline Way, and an 8.6-acre mixed-use project planned by Flagship Companies Group for surplus state property in Sanford.