Aug. 19--Colliers International Central Florida closed the $1.15 million sale of Horizon West land in a deal mired in government entitlements and a group of more than 40 owners.
Clearwater-based land developer VF Horizon LLC bought the 102 acres off Seidel Road, including wetlands, 48 acres of uplands and 25 acres of property that could be developed for residential. The corporation plans to break ground on the first of 91 single-family homes in the next 12 to 15 months.
Working with asset manager Oasis Land Management and the tenant-in-common entity, Swann and Hadley lawyer Paul Dietrich consolidated the ownership group as Hagco 286 LLC.
Horizon West's planned collection of multi-use villages in southwest Orange County has been slow to develop, in part because of the multitude of unrelated property owners.
Trevor Hall Jr., Colliers' director of land services for the Orlando office, represented the sellers and helped procure various pre-development entitlements, such as Orange County Public Schools capacity, Horizon West Village F Planned Development approvals, and Orange County utility agreements.
Hall said the deal is his first non-discounted, non-distressed sale of entitled land to a residential developer in four years, indicating that "the better submarkets are recovering."
Studio 3 Designs will design and represent the owner in the construction of an 18,600-square-foot medical facility that will combine parcels at 1701 and 1707 N. Mills Ave. in Orlando for Orlando Immunology Center. The first phase is slated to start in October, with the demolition of the building that previously held Ranger's Pet Outpost; a new three-story building will include the center's immunology clinic and research facility. The second phase is expected to start in June 2013, with the demolition of the center's former clinic, to make way for 1,800 square feet of leasable pharmacy space. ...
Fortress Construction Group of Longwood will provide $200,000 of tenant improvements in Southport Plaza at Poinciana Boulevard and Pleasant Hill Road in Kissimmee. The Osceola County project contains 3,300 square feet of medical space and a 2,200-square-foot pharmacy. Southport Plaza II LLC, based in Boca Raton, is the developer. The new tenants are Central Florida Primary Physicians and Tirumala Pharmacy. James Garritani of DDP Architects P.A. in Longwood designed improvements for the physicians group, while Rabits & Associates served as architects for the pharmacy. Work should be completed by late September.
Stephen Fetters, of Re/Max Optima, represented buyer Vinjac LLC in the $943,297 sale of a 5,000-square-foot office building in Alafaya Professional Center, 11723 Orpington St., Orlando. Brian Smith, of Smith McIntosh Properties Inc., represented the sellers, GTB Partners LLC and Singhofen & Associates.
NAI Realvest negotiated a new lease of 3,295 square feet of office space at 100 Technology Parkway in Lake Mary. Tom R. Kelley, principal at NAI, represented the tenant, Orlando-based Summit Church of Central Florida Inc. The landlord, Sun Life Assurance Company of Canada, was represented by Jennifer Sharabba of Crescent Resources. ...
NAI Realvest associate Michael Heidrich Jr., principal Michael Heidrich Sr. and associate Aron Harrison represented the tenant, Wheel Unik Automotive & Accessories Inc., in a new retail lease for 2,875 square feet of space at 1308 E. Altamonte Drive, Altamonte Springs. The landlord, Douglas Tygielski of Orlando, was represented by Eva Firios of JC Florida Realty LLC.
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