Renter activity increases in the Orlando market

Orlando has been one of the most active cities for real estate developers, especially in the downtown area. Over 12,000 units are under construction or proposed to be built. Developers have a reason to be optimist considering Orlando absorbed more than 2,000 renters over the past 6 months. Also, the Real Data Apartment Market research groups predicts Orlando’s vacancy rate of 4.6% to remain steady over the next 12 months.

Here are a few of the recent major sales transactions in the area:

  • The 21- story Regions Bank tower on North Orange Avenue was sold for $51 million dollars to DRA Advisors LLC and Tower Realty Partners Inc.
     
  • Weingarten Reality investors and an institutional investor partnered to purchase the International drive Value Center, an 185,704 square foot center, for $33.2 million dollars.
     
  • The 360-unit Laguna Oaks apartment community was sold to a Tampa based investment group.
     
  • ODC Construction LLC bought an 18,600-foot warehouse on 5701 Carder Road for $1.8 million dollars. The purchase included the 5.9-acre site and 3,000 square feet of office spaces.
     
  • Alegus Technologies agreed to lease 20,000 square feet of office space at the Keller Center in Maitland. TerraCap purchased the building in October and plans to make about $7 million dollars worth of improvements, including lobby renovations, new elevator cabs, site and landscape reconfiguration, and a 400-stall parking deck.

Click here for the full article from The Orlando Sentinel, or click here for more Front Street news.

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Nick Banks

Nick created Front Street Commercial Real Estate Group in 2002 and spent the first eight years developing and acquiring office and retail projects in South Florida as well as North Central Florida. In 2010 the focus of the firm was shifted to primarily serve third party clients and perform brokerage, property management and mortgage banking functions. Nick has personally developed and acquired nearly 200,000 square feet of office and retail properties in markets throughout Florida. Prior to founding Front Street, Nick was the Director of Finance and Dispositions for Stiles Corporation in Fort Lauderdale where he financed and sold over $500 million in commercial real estate. Before joining Stiles, Nick was an Associate Director at GE Capital Real Estate where he sourced over $200 million in financing throughout Florida. Nick is a graduate of the University of Florida with a degree in Finance and a concentration in Real Estate. He serves as a board member and current vice-chair for the United Way of North Central Florida where he also chairs the Development Committee. Nick is actively involved with the Gainesville Area Chamber of Commerce where he serves as a board member and committee member for the Council for Economic Outreach. He is also a recent graduate of Leadership Gainesville which is a year long leadership program hosted by the Chamber. He is a member of Grace United Methodist Church where he has served as finance chair and as a member of the leadership council. Nick serves as an advisory board member of the University of Florida Bergstrom Center for Real Estate Studies. Nick was recently named chair of the Gainesville committee for the North Florida chapter of Urban Land Institute (ULI). He is a licensed real estate broker in the State of Florida and is a long time member of the International Council of Shopping Centers.

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