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.