ORLANDO-An expected drop in interest rates this quarter by the Fed will spur new investment activity in the multifamily sector here, Grubb & Ellis Co.'s Steve Flanagan tells GlobeSt.com.
ORLANDO-Daryl M. Carter, wearing several corporate hats and acting as trustee of two land entities, acquired two tracts totaling 36.6 acres for $1.61 million in Deltona, FL, 35 miles north of Downtown Orlando, and bought a 6,220-sf medical office building in Orlando for $609,000 or $97.90 per sf.
ORLANDO-After sitting on the sidelines for 15 years, the 2,700-acre International Corporate Park is jogging onto metro Orlando's 92 million-sf industrial turf big time by kicking off design work on a $17 million connector road linking main transportation arteries to the property. The road will take three years to permit and build.
ORLANDO-A new Grubb & Ellis Co. analysis shows net absorption and new deliveries will decrease in 2001 and 2002 while average rents for research and development/flex space and warehouse/distribution will rise about 3.25% this year.
ORLANDO-The supermarket chain is making this area its second Internet-based market for home delivery groceries in 2002 after opening its first division this spring in Pompano Beach, FL, 180 miles south of Downtown. Kmart is completing the installation of e-shopping kiosks in Orlando, Ocala, FL and Jacksonville, FL and plans to offer online services by yearend.
LEESBURG, FL-Lake-Sumter Community College is rushing to complete the 31,500-sf facility by year end after receiving a donation from the Central Florida Health Care Foundation. Leesburg is 45 miles northwest of Downtown Orlando.
DAYTONA BEACH, FL-Oceans Resorts pays $60,680 per room for the 206-room oceanfront hotel, formerly the Whitehall Hotel. Publicly-traded Boykin is using the proceeds for other undetermined investments. Daytona Beach is 50 miles northeast of Downtown Orlando.
JACKSONVILLE, FL-The Virginia-based Internet provider was scheduled to close the deal Jan. 15 for $2.5 million or $138.89 per acre ($3.19 per sf). The planned 123,000-sf structure, to house 1,700 employees, is expected to break ground this week.
ORLANDO-Net absorption will probably come in at 1.8 million sf in 2001 and 1.5 million sf in 2002, down from a record 1.98 million sf last year. New-space completions this year will reach 2.3 million sf and 1.9 million sf in 2002, versus 2.7 million sf in 2000.
ORLANDO-The locally based division of CNL Financial Group Inc. is constructing a 350-suite Residence Inn just south of Sea World here, and a 174-room Courtyard by Marriott in Weston, FL, 20 miles north of Downtown Miami. Both properties are scheduled to open in first quarter 2002.
