Through in-house research and networking, Hankins, senior vice president at Realty Capital/TCN Worldwide, found the property and met the three primary requirements of buyer FFVA Mutual Insurance Co. and its affiliate, Florida Fruit & Vegetable Association.
Hankins tells GlobeSt.com, "The buyer considered either vacant land for developing a new building or existing facilities that met their criteria--50,000-plus sf, a corporate office environment or park and not more than a 15-minute to 30-minute drive time from the existing facility."
The broker says he and his associates at Realty Capital "achieved or exceeded all three buyer criteria." They made a road map to find the client the desired property.
"The search entailed geo-coded drive-time radius mapping for developable land or existing buildings within 15 to 30 minutes of the existing facility," Hankins says. "Properties were identified through a confidential e-mail broadcast of purchase criteria to all Central Florida brokers, coupled with an extensive search of posted properties at several online and print-listing sources, as well as tax rolls for unlisted properties."
Hankins also had to keep in mind how much his buyer client was willing to pay for a property. "The buyer's threshold between developing new or the purchase of an existing building was if a 'qualified' building could be acquired, figuring purchase price and retrofit cost, at not more than 85% of the cost of developing a new building."
Hankins' client wound up buying the 68%-leased Welbro Building, owned by Trafalgar 800 Inc. and Dwajoncourt Inc., for $5.7 million, or about $99.92 per sf. The purchase price equates to "about 75%" of today's replacement cost, the broker tells GlobeSt.com.
FFVA Mutual Insurance will be using the suburban building as its corporate headquarters, moving from 4401 East Colonial Dr. in the city where the company been located for 40 years. Gregory N. Morrison, a vice president at Advantis Real Estate Services Inc., negotiated for the seller.
"This was an opportune situation where buyer and seller needs and interests were ideally matched," says Hankins.
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