In metro Orlando's largest industrial investment sale of the year to date, Ashley Capital Inc., a 20-year-old, privately held, New York-based real estate investment and development firm, paid $10.8 million, or $14.24 per sf, for a total 755,000 sf of office and manufacturing space in two buildings on 33.7 acres, 20 miles north of Downtown Orlando.
Area industrial brokers and construction industry estimators familiar with the transaction tell GlobeSt.com the hard replacement cost for a comparable property today would be at least an average $60 per sf or a total $45.3 million. This is Ashley's first Central Florida acquisition. The firm owns 18 million sf of mainly industrial space in the US.
Ashley owner and principal Paul Rubacha plans to renovate, refurbish and landscape the property before either leasing or selling the asset, brokers intimate with the deal tell GlobeSt.com. The property at 1090 Emma Oaks Trail, off Lake Emma Road, includes a 566,000-sf distribution building and a 189,000-sf office and assembly plant structure.
NAI Realvest Partners of Maitland, FL won the exclusive leasing contract. Realvest president George D. Livingston tells GlobeSt.com Rubacha plans to start "a major renovation immediately." Livingston says "ceiling heights of 22 ft to 35 ft make the property especially attractive to a wide range of industrial users."
Realvest vice president Michael Heidrich is handling the leasing assignment. Realvest is "now responsible for leasing roughly 25% of available industrial space in Seminole County," Heidrich tells GlobeSt.com.
Recoton collapsed in the late 1990s under a debt load of $235 million, according to US Bankruptcy Court records. The company's local workforce totaled 1,200 and its global staff totaled 4,000 at its peak production periods in the mid-1990s. Recoton moved to Orlando in 1993 from its original headquarters site in Long Island, NY.
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