Central Florida Submarket Seeing Strong Activity

Branded Maitland Promenade One, the five-story, 230,000-square-foot class A office building is located at 485 North Keller Road in Maitland, FL.

ORLANDO—From Kissimmee to Sarasota and beyond, Central Florida is seeing plenty of trades and new leasing deals. The activity spans retail, office and industrial. In this Deal Wrap, we focus on three from the past week. On behalf of a foreign investor, Hampshire Companies acquired a 529,300-square-foot, grocery-anchored Crosslands Shopping Center in Kissimmee, FL. Hampshire snapped up the shopping center from Tupperware Brands Corporations and O’Connor Capital Partners . Located at 1000 West Osceola Parkway, the retail asset is close to Walt Disney Resorts. The Fresh Market, Marshall’s Home Goods, Hobby Lobby, Forever 21, Burger Fi, Outback Steakhouse, PetSmart and Starbucks are among the tenants. “Orlando and its submarkets have been an incredibly hot market, with a burgeoning tech-sector, massive improvements to its infrastructure and investments by the Universal and Walt Disney resorts resulting in a sharp increase in tourism to the already most-visited city in America,” says Robert Schmitt , a principal of Hampshire Companies. “The Crosslands Shopping Center has experienced immediate success and is positioned to be the premier shopping destination in Kissimmee for a long time.” Franklin Street is now managing Maitland Promenade One. Branded Maitland Promenade One, the five-story, 230,000-square-foot class A office building is located at 485 North Keller Road in Maitland, FL. It is 93% leased with Bright House Networks as the anchor tenant. “This assignment gives Franklin Street yet another opportunity to work with a prominent, nationally known institutional owner,” says Melissa Hazlewood , vice president of property management in the Orlando office . “The Franklin Street team assigned to this asset had managed it previously. They know the property inside out.” Secured a LEED Gold certification for Maitland Promenade One in 2009. It was the first time in Orlando that an existing building had achieved this important environmental designation.  Constructed in 1999, the property was highly inefficient from an energy standpoint allowing for substantial improvement in overall performance. “We were able to make significant changes to the air conditioning and ventilation system and institute other energy-efficient and carbon-reduction measures in just five months,” she says. “It ended up saving the owner thousands of dollars a year.” Osprey S.A. has awarded Colliers International Tampa Bay the exclusive leasing assignment of 1.3 million square feet of class A office space in Sarasota, Tampa and Saint Petersburg. The Osprey portfolio consists of 14 office properties. Eight assets are located in Sarasota and another six located around the Tampa Bay area, in Tampa’s Rocky Point and West Shore Business District, East/Northeast Tampa and Saint Petersburg’s Gateway submarket. The Sarasota properties total about 630,000 square feet and the Tampa-Saint Petersburg properties total about 700,000 square feet. Lori Hellstrom , formerly Osprey’s director of leasing, has joined the Colliers team as a director of office services, along with Fabienne Porter as client services specialist. The properties have a combined occupancy rate of more than 80% and a high level of leasing activity. The largest property in the portfolio is Sarasota City Center with 247,605 square feet. Wells Fargo and Merrill Lynch are among the tenants. The 105,096-square-foot Castille at Carillon in Saint Petersburg and the Westlake Corporate Center I & II in Tampa, which total 172,048 square feet, are also among notable assets in the portfolio. “Working in both the Sarasota and Tampa markets, Colliers International has the marketing resources and global reach needed to do an excellent job in representing Osprey’s Florida portfolio and other clients throughout the region,” Hellstrom says. “With a strong presence in the Tampa Bay market and growing presence in the Sarasota market, Colliers was a natural fit.” Central Florida CRE remains strong with Multifamily, Retail and Industrial leading the way. Are You In The Know? How can you profit?  Join us  at RealShare Central Florida on September 7th for impactful information from the leaders in Central Florida CRE. Learn more.