Friday
Real Estate Roundup: Sales, apartments, revitalizations and more
Written
by:
Senior
Staff Writer-Orlando Business Journal
Ask
anyone in real estate, and they’ll tell you the apartment market is the only
sector that didn’t really experience a downturn.
And
now that the recession is well over and behind us, you can almost say it’s
booming. But we all know how careful people in real estate are being with the
“B” word.
We
lead this week’s edition of Real Estate Roundup with a big multifamily sale
that went down last month in the area near The Mall at Millenia. Lake Buchanan
LLC, an entity related to Miami-based NRI Investments, bought the 558-unit
Carlton Arms South Apartments at 4444 S. Rio Grande Ave. in southwest Orlando
for $15.3 million from Harrison, N.Y.-based Carlando Realty Co. LLP.
Shelton Granade, Luke Wickham andJustin Basquill of CBRE Inc. in Orlando exclusively
represented the seller in the deal, which closed on Dec. 12.
Here
are some other interesting things going down in our area:
• Two
building sales by Avalon Island LLC in downtown Orlando are pointing to a
revitalization of Pine Street. Orlando-based Pine Street Buildings LLC, whose
managing member is nightclub owner Team Market Group LLC, bought the
3,500-square-foot Phoenix Building at 30 S. Magnolia Ave. for $1.4 million last
month. Nicholas Fouraker of BishopBeale
represented the seller, while Tyler Peterson of Real Property Specialists Inc.represented the
seller. Team Market Group, which is run by young entrepreneurs and brothers Keith
and Romi Marwadi, plan to open a social club on the first floor and lease
offices on the second floor.
Meanwhile,
Nunziata Holdings LLC spent $475,000 on a 3,500-square-foot building at 38 E.
Pine St. in November, but has yet to announce plans for the building.
BishopBeale represented both sides of that transaction.
J. Michael Sigrist
Compass Investment Properties, Inc.
861 W. Morse Blvd. #250
Winter Park, Fl. 32789
Office 407-647-5111
Fax 407-629-9220
Cell 407-953-2605
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