ORLANDO-Michael Heidrich isn't seeing a slowdown these days in his specialty–selling and leasing industrial properties in metro Orlando's 90 million-sf market.
The director of industrial and land sales/leasing at locally based Realvest Partners Inc. negotiated 50 transactions valued at $20 million or an average $400,000 per deal in 2000. His company as a whole did about $80 million.
Heidrich's performance was 25% ahead of his 1999 volume. He already has $20 million in pending deals in the hopper. The broker credits his firm's marketing program for his success to date. “It allows us to get out to all the brokers and tenant reps nationwide” and not rely solely on local contacts, Heidrich tells GlobeSt.com.
Despite warnings of a national economic braking, he sees an active two years ahead for his firm and the industrial sector. “We obviously are bullish on the market here as far as industrial leasing and flex space,” Heidrich says. “We getting a lot of activity on our type of product for bulk distribution and office/warehouse/flex.”
He also sees the current market being “pretty active as far as tenant calls on properties.” Heidrich says last September and October “were kind of slow (because) I think it had a lot to do with the election and the stock market, but things picked up for me in November, December and January.” He posted record-high leasing numbers for December and January.
For example, the 240,000-sf Lake Mary Business center is 90% leased, “with more than half of that happening in the last three months,” the broker says. “We intend to move from that project to our Upsala Business Center in Sanford, FL where we will develop about 300,000 sf of office/warehouse/flex.”
From Sanford, Heidrich and his leasing team will head for McLeod Business Center in Orlando's active 33rd Street industrial submarket where Realvest Partners will develop 500,000 sf. The first building will be ready for occupancy in 2002. Heidrich sees no slowdown for the industrial market here, even beyond 2002.
“Orlando is receiving an influx of new industry, especially in the Lake Mary, FL area; in the south part of town between Disney and the airport; and at SouthPark, Crown Point and Lincoln Park,” says Heidrich who comes from a prominent Orlando real estate investment family.
He says ongoing small-company startups at south-end business parks make him “real enthusiastic about 2001 and 2002, at least into the first half of 2002.”
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
