Archives for April 2013

Historic Orlando Office Building For Sale

I didn’t realize this building was for sale until I drove by it the other day.  I’ve always liked the vibe of this retro style building from the 1940’s.  Great location and proximity to Orange County Courthouse as well.

The CNL Commercial Real Estate group has listed 141 N. Magnolia Avenue.  Built in 1940, this building boasts approximately 15,000 sq/ft with a fully ADA compliant first floor restroom.  It has been renovated twice in the last decade: 2003 and 2005.  The roof was replaced in 2012 and windows in 2005.

The most recent tenants of this building was a law firm, and there is a full basement currently used for file storage but can host five to six cars.  Land to the east has an additional 4-5 parking spaces for customers or employees.

Composed of two floors, the building is block concrete exterior with hardwood floors, recently upgraded millwork and a complete sprinkler and alarm system that is up to current industry building code.  A shower facility is available as is an elevator that is routinely inspected and certified.

The building is zoned AC/3A by the city and sits on approximately .375 acres.  Hotels, restaurants, banks and other institutions are located within a short drive or walking distance.

The building is for sale for $1,860,250.00($125.00 sq/ft) or lease at $11.50 NNN.  To see this property or to make an offer, contact Nick Poole or Jason Schrago at CNL Commercial Real Estate in Orlando.

Top 10 List of Tallest Buildings In Orlando

Orlando, Florida was once a sleepy, small central Florida city surrounded by orange groves and a few other things. When the Disney company moved part of its operations there, many other theme parks and associated industry followed, taking this once sleepy town to a thriving economic juggernaut for the Florida economy. Orlando has, in the years, grown significantly beyond strictly the tourism industry and is now home to some of the tallest skyscrapers in the Southeast.

At 426 feet tall, the Vue at Lake Eola is the third largest skyscraper in the area and is located in downtown Orlando. Composed of penthouses and condominiums for residential, midtown living, the penthouses are on the top floors and feature access to the 36th floor and balcony.
Slightly, and only two feet, taller than the Vue is the Peabody Orlando. One of the premiere hotels in Orlando, this hotel boasts 1,641 rooms and 31 stories. Built in 1986 and renovated to fresher, newer standards of hotel occupancy and technologies in 2010, it now has a second expansion tower to accompany the original.

Rounding out the top three buildings and the largest building not only in Orlando but in central Florida is the SunTrust Center of the SunTrust Bank organization. Standing at an impressive 441 feet, it was built as the headquarters for SunTrust Banks in Florida.

The complete Top 10 List of Tallest Buildings In Orlando

  1. SunTrust Center, 441 ft, 30 fl, blt 1988
  2. The Peabody Orlando Expansion Tower, 428 ft, 31 fls, blt 2010
  3. The Vue at Lake Eola, 426 ft, 35 fls, blt 2007
  4. Orange County Courthouse, 416 ft, 24 fls, blt 1997
  5. Bank of America Center, 409 ft, 28 els, blt 1988
  6. SeaWorld SkyTower, 400 ft., Viewing Tower, blt 1973
  7. 55 West on the Esplanade, 377 ft., 32 fls., 2008
  8. Solaire at the Plaza, 359 ft., 30 flrs., blt 2006
  9. Dynetech Centre, 357 ft., 31 flrs, blt 2008
  10. Orlando International Airport Control Tower, 346 ft., Control Tower, blt 2002

 

Other notable tall buildings in Orlando are:

Citrus Center, 280 ft., 18 flrs, blt 1971
Premiere Trade Plaza Office Tower II, 17 flrs, blt 2006

Orlando Real Estate Market On The Rise

Orlando Commercial Real Estate Market Statistics Improving

 

Is now the right time to invest in commercial real estate in Orlando, Florida? The property market, both domestic and commercial, has been highly volatile since the start of the economic crisis. People are scared to invest in anything, particularly commercial properties. Considering the public has little money to spend, investing in commercial property seems incredibly risky, since a large proportion of newly starting businesses fail and go under very rapidly. However, it seems some good news is on the horizon.

After a precipitous decline in 2008 and a faltering recovery since then, the Florida housing market appears to have returned to a growth path this year.

Research economists aren’t sure if this is a true recovery,or rather a quick up tick in prices or part of just the first wave of a full blown recovery. So, it seems that the time to buy commercial properties in Orlando, Florida, is here.

Orlando Is Back in Businesses

A great example that proves the growth in the commercial real estate market in Orlando is found in the Lake Nona area. Whenever you attend this part of the city, you will notice that new businesses have been added and that the face of the area has changed yet again. This is a wonderful positive development .

The Orlando City Council on April 8 approved Lake Nona Land Co. LLC’s master plan for a 17-acre office park near the fast-growing biotech hub of Medical City. The estimated $85 million project includes 570,000 square feet of general office space in three buildings, a 150-room hotel and two 10,000-square-foot restaurants, along with 2,830 parking spaces in two parking structures and surface parking lots.

And that is just part of the good news, as restaurants and shopping centers are also being developed. Residential real estate has already been on the rise for some time now in Lake Nona, but the commercial side of things is now picking up.

Orlando, Florida Commercial Real Estate Statistics

For those who like and understand numbers, the following statistics should help you even further. Various statistics are being collated, with Jones Lang Lasalle  providing regular statistics on offices and industries, to name but a few. According to their research, which is always well received and highly truthful

Orlando’s seasonally adjusted unemployment rate dipped 10 basis points from July to August. At 8.5 percent, Orlando’s Metro unemployment rate dipped to a post-recession low and 190 basis points below its rate one year ago. Moreover, nonfarm payrolls expanded by a moderate pace of the 12 month period as employers added a total of 26,400 new jobs, amounting to a 2.8 percent expansion of nonfarm payrolls.

This is but a part of the positive news however. It seems that the rate of direct vacancies is down, the rate of vacancies is down and the leasing activity is up. Similar pictures are seen across the other areas monitored by Jones Lang and Lasall as well, showing a highly promising future for the young boy. The local economy is becoming stronger and stronger ant his is mainly found in the construction industry, making that a particularly interesting area of commerce and businesses.

A number of companies who held off on investing in commercial real estate in Orlando are now actively considering a number of properties. All the statistics and information tell us that you will be able to get a great deal on your piece of commercial land, whether you want to use it to build your own business, or whether you want to buy it with a business included and rent it out.