This year should signal the end of the economic decline for most commercial real estate sectors, which will see improved liquidity as the year proceeds, a Wells Fargo economist told Orlando commercial brokers last week.
The recovery will be a slow one, however, said Wells Fargo Senior Economist Mark Vitner, who spoke last week at a Grubb & Ellis forecast session in Orlando.
"2018 — that's how long the recovery phase is likely to take," Vitner said. If job growth were to remain on it's present trajectory, it could take even longer, but most analysts foresee it picking up, he added.
Vitner said he has been seeing increases in nonresidential construction, particularly for customized facilities and heavy-industrial operations, such as utilities. Retail, he added, is likely to continue to struggle.
This year should signal the end of the economic decline for most commercial real estate sectors, which will see improved liquidity as the year proceeds, a Wells Fargo economist told Orlando commercial brokers last week.
The recovery will be a slow one, however, said Wells Fargo Senior Economist Mark Vitner, who spoke last week at a Grubb & Ellis forecast session in Orlando.
"2018 — that's how long the recovery phase is likely to take," Vitner said. If job growth were to remain on it's present trajectory, it could take even longer, but most analysts foresee it picking up, he added.
Vitner said he has been seeing increases in nonresidential construction, particularly for customized facilities and heavy-industrial operations, such as utilities. Retail, he added, is likely to continue to struggle.
Retail is expected to remain slow to respond in part because of a housing market that will not experience its typical spring boost, as buyers continue to encounter difficulties qualifying for mortgages.
Leases
Weingarten Realty Investors negotiated a 1,500-square-foot lease in Phillips Village, at Sand Lake and Turkey Lake roads in southwest Orlando, for Loose Ends Salon. Alexander Evans handled lease negotiations on behalf of Weingarten. …
6/10 Commercial Inc. negotiated an 1,800-square-foot lease of office space to Polk Therapy LLC at 295 1st St. South in Winter Haven. Broker Angela Harwell represented the landlord, Hajanata Investments LLC. …
Sales
NAI Realvest negotiated the sale of the 12,897-square-foot industrial facility at 8120 and 8400 S. Orange Ave. in Orlando. Robert Blackwell, principal at the firm, and associate Sean DuPree represented the seller, Redmond, Wash.-based Univar USA Inc. PetroLiance Properties LLC of Apex, N.C., paid $875,000 for the property, which includes 2,897 square feet of office space. Clemens Commercial Real Estate represented the buyer. …
Emerson International has acquired a 7-acre site in Central Florida Research Park adjacent to the University of Central Florida in east Orange County, with plans to start construction of a 40,000-square-foot campus facility for Florida Technical College, which has facilities in Orlando, DeLand and Lakeland. Emerson acquired the site from O53A LLC, represented by Jeff K. McFadden, president of McFadden Realty Advisors Inc. First Builders Inc. has been hired as general contractor and Lincoln Property Co. is managing the construction project, which will get underway in March, with completion scheduled by October. Emerson said the new Florida Technical College campus building is expected to open in October. Florida Technical College has leased the build-to-suit facility for 15 years. …
A joint venture co-sponsored by Tarpon Partners, an affiliate of South Florida-based Swerdlow Group, and New York City-based Glenmont Capital Management LLC has acquired the remaining unsold inventory of Marina Grande on the Halifax, a luxury waterfront condominium project in Holly Hill. The new owners plan a $6 million improvement project that will include an 11,000-square-foot clubhouse, 32-slip marina, resort-style pool and fitness center. Construction is scheduled to be completed in August.
Construction
Miller Legg was selected by the city of Winter Park to provide construction administration and inspection services for storm-drainage improvements along Cortland Avenue. …
Altamonte Springs-based general contractor Roger B. Kennedy Inc. completed nearly $1 million worth of work at the 11,284-square-foot Bert Fish Business Center renovation project for Bert Fish Medical Center in New Smyrna Beach. Formerly a bank building, the facility is at 401 S. Dixie Freeway and was designed by Gerard J. Pendergast LLC. It now serves as office space for the hospital's administrative employees. …
Altamonte Springs-based Tri-City Electrical Contractors Inc. completed $1.5 million worth of work at the new, 360-unit Coventry Park Apartments in Jacksonville under its contract with Epoch Properties Inc. of Winter Park. The firm is also handling a $655,000 job at Covington Club Apartments in Oviedo; CPG Construction of Winter Park is the general contractor of the 94-unit project, slated for completion in June.
Other
An Altamonte Springs full-service window-treatment company obtained a contract to provide custom-window treatments for CSX Corp. in Jacksonville. Window Interiors will fabricate more than 1,350 solar shades in its Altamonte Springs facility. The energy-efficient devices will be installed on 11 floors of the railroad company's building, into which CSX is consolidating its offices. Window Interiors' contract with general contractor Brasfeld & Gorrie is valued at $133,000. …
Eastshore Investment LLC announces the merger of one of its subsidiaries, Realty Executives Seminole, with Dave Brewer Realty Inc. effective Feb. 1. Brewer is a custom-home builder, while the realty company publishes The Perfect Home Guide magazine, which will be distributed to more areas as a result of the meager.
James Mincy, formerly with Stirling Sotheby's International Realty, recently formed Signature Commercial. Located in the Plaza, Signature Commercial will specialize in downtown Orlando.
By Mary Shanklin, Orlando Sentinel
February 28, 2011
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