Apartment vacancies up —rents near 2005 levels
By Mary Shanklin
Orlando Sentinel Staff Writer
August 3, 2009
Orlando's multifamily-housing market had a 10 percent vacancy rate in June, up slightly from the end of last year, according to a report by CB Richard Ellis.
The average rent for the market through the second quarter was $803, close to 2005 levels, reported M/PF and Torto Wheaton Research. Those rates are expected to remain flat through the end of the year.
Most properties are offering a month's free rent to attract tenants, according to the CBRE report.
The addition of new apartments is expected to slow further next year, with only 700 units expected to be added in four-county Metro Orlando in 2010.
CB Richard Ellis projects an increase of 159,000 jobs in the area during the next five years, which should drive the vacancy rate down to about 3 percent. It also forecasts about a 4 percent annual increase in rents from 2012 until 2014, at which point the average rent would be $933, according to the M/PF and Torto Wheaton summer 2009 report.
Geller, Ragans, James, Oppenheimer & Creel, a longtime downtown Orlando public accounting firm, recently leased 8,500 square feet in the Regions Bank Building downtown for 10 years. ...
Realty Capital completed the following transactions: Physician Associates LLC leased 3,600 square feet at 6465 S. Chickasaw Trail, Orlando, for five years; Realty Capital Senior Vice President Jason Bantel represented the tenant. International Church of the Foursquare Gospel leased 3,240 square feet at 116 Wilshire Blvd., Casselberry; Realty Capital President Charles Frederick represented the landlord. Elite Digital Photography Inc. leased 1,009 square feet at 174 Wilshire Blvd., Casselberry; Frederick represented the landlord. US Oncology renewed a lease for 6,487 square feet at 1573 Fairbanks Ave., Winter Park; Vice President Elliott Jamison and senior associate Robbie McEwan represented the landlord. Winter Park Utility Services renewed 17,612 square feet in Winter Park; Senior Vice President Jim Wilder and Chief Executive Officer Jeff Brock represented the landlord Clonts Farms Metric Inc. ...
In the Orlando office of CB Richard Ellis, Jorge Rodriguez, senior associate in retail properties, represented Landstar Development Group, the landlord, in negotiating an 8,400-square-foot lease for the tenant, Mision La Cosecha, a nonprofit organization. The space is in Lake Trail Center, 14522 Landstar Blvd., Orlando, which is now 90 percent leased.
Illustrated Escapes has moved to West Orange Business Park, off StateRoad 535 in Winter Garden. Illustrated Escapes signed a three-year lease for 2,000 square feet. Winston-James Construction Inc., founded by Jamie Adley and Winston Schwartz, was the general contractor and developer of the business park. Tye Brackney of Dunhill Properties Inc. is the leasing agent for the property.
Realty Capital completed the following transactions: Jorge & Virginia Curbelo purchased a 1,004-square-foot office at 668-670 N. Orlando Ave., Suite 1020, Maitland, for $190,760; Realty Capital Senior Vice President Jason Bantel and Vice President Quentin Caruso represented RealtyFund, an affiliate of Realty Capital. Sobrino Properties LLC purchased a 2,504-square-foot office at 911 N. Central Ave., Kissimmee, for $488,320; Bantel represented the seller, ATCO Partnership. Fischer Family Trust purchased a 5,969-square-foot office at 595 Oak Commons Blvd, Kissimmee, for $960,000; Bantel represented the seller, ATCO Partnership. ...
Orlando-based Smith Equities Real Estate Investment Advisors recently represented the seller on the sale of a building in Orlando Central Park. The seller was Orlando Central Park Tarragon II, and the buyer was JCQ Investments LLC. The price was $2.8 million, or $39.75 a square foot.
Cuhaci & Peterson Architects LLC, based in Orlando's Baldwin Park, was recently awarded a contract to design tenant improvements for the Florida West Art store in the Bonita Commons retail center in Bonita Springs. ...
C.T. Hsu + Associates announced the completion of Winter Garden's third fire station, to serve residents south of Florida's Turnpike. Fire Station 22 encompasses 9,722 gross square feet and was delivered within a $1.9 million budget funded with impact fees. It is one of several projects generated under the firm's continuing-service contract with the city. The station has three bays and houses a new tower truck, with plans to house a fire engine, transport unit and a safety trailer for student field trips. The station can accommodate up to 11 employees, including the current staff of five, and up to six more firefighters. ...
Realvest Development LLC recently commissioned a new "green" prototype design for a 66,000-square-foot office-flex building slated for construction next year in the Melbourne area. LEED-certified architects at Burke Hogue Mills Inc. in Lake Mary are designing the prototype. TLC Engineering for Architecture will be the engineers of record, and Edwards Construction Services Inc. of Ocala will oversee construction.
Girard Environmental Services Inc., based in Seminole County, was recently awarded a number of Lowe's Home Improvement landscaping contracts, valued at $775,000. Girard will provide landscape-management services to all 60 of the Lowe's locations in the Ocala area and further south. On-site work began in July. ...
Eola Capital, an Orlando-based real estate investment company, recently formed a Special Asset Investments division to acquire distressed real estate assets, including commercial, office, flex, retail, industrial, multifamily and land.
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