Real Estate Bulletin

Oviedo Mall sold

CBRE Group, Inc. has arranged the sale of Oviedo Mall, a 554,973-square-foot retail property anchored by Regal Cinemas, Sears and separately owned Dillard’s department store. Located at the interchange of the Central Florida GreeneWay (State Road 417) and Red Bug Lake Road in the Oviedo community of Orlando, Oviedo Mall was sold to an affiliate of Ilbak Investments. The seller was represented by CBRE’s executive vice presidents Dennis Carson and Casey Rosen.

“Oviedo Mall is extremely well located at a key highway interchange, serving an affluent, desirable and family-oriented Orlando community. Significant regional retail competition serving Orlando’s northern communities as well as changing department store and mall dynamics have challenged Oviedo Malls’ success since the Great Recession, and to some degree even before then. That said, it is an extremely well located property and the seller, who acquired it from a lender in 2013, was able to increase occupancy with several very successful tenants catering to the immediate community,” said Dennis Carson, Executive Vice President at CBRE National Retail Partners. “We believe the new owner has a great opportunity to continue this process through a combination of remerchandising and redevelopment that will ultimately benefit the City of Oviedo and its residents.”

Oviedo Mall totals 950,000 square feet of which 554,973 square feet were included in the sale. The mall site totals more than 95 acres, 54 acres of which were included in the sale.

Local interior designer chosen for large-scale projects

Suzanne Nichols Design Group was selected for several large interior design projects, including Quest Village near Waterford Lakes in East Orlando. The firm will provide design services for the clubhouse, the other common spaces and a model unit at the innovative apartment community being built for independent adults with developmental disabilities. Groundbreaking for the Quest project was held on Feb. 8. The firm is also in charge of the interior design, space planning and interior architectural detailing at six large homes in the Orlando area, including a 20,000-square-foot estate in Kissimmee and an 8,300-square-foot home in Bella Collina.

Calandrino wins scholarship

Amy Calandrino has been selected as a 2017 Florida CCIM Chapter Central District scholarship recipient. This scholarship provides Calandrino $1,000 toward the completion of one of four core courses offered as part of the process to become a CCIM designee.

The CCIM Course Scholarship Program was created to support qualified real estate professionals dedicated to their commercial real estate careers and involved with the local chapter. Calandrino has made significant progress toward obtaining the CCIM designation by completing two of the four core courses, work toward her portfolio, and completion of the negotiation course.

Calandrino has more than six years of experience in commercial real estate and founded Beyond Commercial. Calandrino focuses on office and industrial space needs for entrepreneurs and professionals and provides commercial real estate investment assistance to the principals of those businesses she represents. 

Simon Malls unveils play park concept

Simon (NYSE: SPG), the retail real estate firm, has revealed details about The Play Park, The Florida Mall’s newest interactive children’s concept. The multi-sensory experience is slated to open spring 2017, rounding out a dynamic mix of exclusive family destinations including Crayola Experience, M&M’s World and American Girl. 

 Designed by Play9 and inspired by the magic of “Alice In Wonderland” and Dr. Seuss, The Play Park is filled with hidden surprises. Using the latest in interactive technology, The Play Park delivers more than 3,000 square-feet of imaginative play.

The Play Park features three distinct zones tailored to specific growth stages, stimulating creative play among children from infancy to childhood. The interactive playscape also includes multi-sensory elements designed to promote physical and mental activity and dexterity in a child-friendly environment. Highlights include soft-touch floor matting, sculptural climbing features, memory games, creative hiding spaces, sound flowers, a digital pond and seating options for children and adults.

NAI Realvest makes Heathrow acquisition

NAI Realvest recently negotiated the acquisition of a 9,843 square foot office condo comprising the entire first floor at 5739 Byron Anthony Place in Savannah Park at Heathrow, a mixed-use development off International Parkway and SR 46 in Sanford. Paul P. Partyka, CCIM, partner at NAI Realvest and Associate Juan Jimenez, represented the Wood Ridge, NJ-based investor, Savannah Park at Heathrow Equity, who paid $1,100,000 for the property. Partyka said Skyline Healthcare’s central billing office will be expanding into this office condo. Skyline Healthcare owns nursing homes, adult daycare and assisted living facilities. The seller, Long Island Realty International of Farmingdale, NY, was represented in the transaction by Mac Jeffer of Advanta Realty. 

Sold on Sausalito

NAI Realvest, based in Orlando, recently negotiated the $3,190,000 sale price for Greater Marketplace II, a 39,712 square-foot retail center at 112 Sausalito Blvd. in Casselberry north of Orlando. NAI Realvest Broker Associate Drew Saphos, CCIM, Chairman George Livingston and Associate Chris Adams represented the Pompano Beach-based seller JABShopping Center II, LLC. Pyensa, LLC of Hialeah, Fla. purchased the center, which was built in 1985.  Buyer was represented in the transaction by Oscar Rodriquez of B Live Real Estate. Existing long-time tenants at the Greater Marketplace II include Planet Fitness, Seminole County Health Department, and Sego’s Home Medical.  The center was 83 percent occupied at the time of the sale.

Wahlburgers comes to East Orlando

Wahlburgers, the popular restaurant chain founded by Executive Chef Paul Wahlberg and celebrity brothers Mark and Donnie, has officially opened its second Florida location. Wahlburgers Waterford Lakes is located in East Orlando at Waterford Lakes Town Center, Orlando’s largest open air shopping, dining and entertainment destination.

Wahlburgers Waterford Lakes is located at 749 N. Alafaya Trail. The restaurant encompasses 6,700 square feet, slightly larger than the Downtown Orlando location. The restaurant includes a full bar, outdoor seating and offers both full and quick service. The interior décor features photos and mementos celebrating the Wahlberg family’s history. The menu is created by Chef Paul, who has put his own spin on Wahlberg family food favorites.

Local agents win accolades

Linda Sitek and Steven Ritz with ABODE Property Group through Keller Williams Winter Park at 147 W Lyman Avenue, Winter Park 32789 have earned the Million Dollar Guild Recognition owned by The Institute for Luxury Home Marketing. The GUILD recognition is awarded to residential real estate professionals performing in the million-dollar and above market. 

In order to earn the recognition, real estate professionals must first earn the prestigious and exclusive Certified Luxury Home Marketing Specialist designation and subsequently must provide documentation proving their specialization in the million-dollar and above market.

The Million Dollar Guild recognizes those residential real estate professionals who have demonstrated their experience and proficiencies in working with the affluent customer. The Institute only awards the recognition to professionals who have provided verified and notarized documentation of performance reflecting sales in the top 10% of their given market and above the million-dollar threshold.

Dog bakery expanding

Hold-Thyssen, a full service real estate services firm headquartered in Winter Park, recently negotiated a long-term lease expansion agreement with Woof Gang Bakery, Inc. at Phillips Place, 7575 Dr. Phillips Blvd., in southwest Orlando.  

Darby Hold, transaction specialist for Hold-Thyssen, Inc., who represented the landlord, Cincinnati, Ohio-based Financial Way Realty, Inc., said Woof Gang Bakery expanded their offices into an additional 1,021 rentable square feet and now leases a total of 3,168 square feet of professional office space at Phillips Place.   

Woof Gang Bakery, an ever growing, multi-national company, was established in 2007. 

New tenant in Maitland City Centre

The Allen Morris Company has announced that Spindrift Concepts, a Clayton Miller food hall and restaurant, has become a new tenant at Maitland City Centre, the first true urban, live/work community and destination in the Orlando suburb of Maitland, Florida. This follows Miller’s successful and popular downtown Orlando concept, DoveCote. Clayton Miller’s Spindrift Concepts is set to open a 4,593 square-foot food hall with restaurant at the transformative US$68 million mixed-use project, a joint venture between The Allen Morris Company, Lamm & Company Partners and Millenia Partners.

Some UCF property gets a rename

Kenneth G. Dixon has made a gift commitment of more than $5 million to UCF Athletics. It is the largest cash pledge ever by an individual UCF alumnus. In recognition of this gift, a 95-acre section of campus will be named the Kenneth G. Dixon Athletics Village.

The Kenneth G. Dixon Athletics Village will be the section of UCF that is dedicated to athletic competition, as well as the health and well-being, academic services and professional development of Knight student-athletes.

Dixon is a 1975 graduate of UCF and holds a degree in accounting from the school. Dixon first established his legacy at UCF 13 years ago by making a significant commitment to name the Kenneth G. Dixon School of Accounting. The athletics village commitment, when completed, will raise his total giving to UCF to more than $7.5 million.

Florida Mall launches three new store concepts

Simon, a global leader in retail real estate, today announced the addition of three market-exclusive concepts to The Florida Mall. Coming this spring, Flight 23 and Kicks Lounge will open inside a relocated and expanded Footaction, and Armoury at Champs Sports will open inside a relocated and expanded Champs Sports.

The enhanced Footaction will expand by about 6,500 square feet to feature approximately 10,000 square feet in total. The enhanced Champs Sports will expand by about 3,600 square feet to feature approximately 9,200 square feet in total. Both stores are part of the Foot Locker, Inc. family and will relocate next to Foot Locker near the north entrance of the property, adjacent to the Dining Pavilion.

Footaction’s Flight 23 shop and Kicks Lounge will be experiential in nature, featuring unique elements that will appeal to sneaker lovers. Flight 23 will exclusively showcase the Jordan brand with the widest assortment of Jordan footwear and apparel, while Kicks Lounge will be an elite spot for premium Nike Sportswear featuring exclusive Nike sneakers. 

Armoury at Champs Sports, within Champs Sports, will be the premiere destination for Under Armour fans. The shop will feature Under Armour’s most innovative shoes, apparel and accessories. Within this one-of-a-kind store experience, shoppers will have access to exclusive Under Armour products and experiences.

Rounding out the athleisure upgrades, Foot Locker opened PUMA Lab inside their store at the end of 2016. The shop showcases PUMA’s premium footwear and apparel styles, including limited-edition releases and exclusive products

Attorneys expand to Altamonte

Leslie Cimadevilla, Esquire, and Melissa Anne Murray, Esquire, founding members of CMO Law Group, LLC, recently opened a new office in the Orlando area, 1101 Douglas Avenue, Suite B, Altamonte Springs. “This is our second home; where we went to law school, worked and clerked for judges. This community earned and deserves our services,” said Cimadevilla.

The new Orlando office is the third for CMO Law Group, in addition to its existing offices in Fort Lauderdale and Delray Beach. CMO Law Group is now physically situated in Broward, Palm Beach and Orange/Seminole counties, with representation and coverage throughout the state.

Attorneys at CMO Law Group are experienced advocates and counselors who handle residential and commercial real estate transactions, title defects and disputes, together with their busy family law and business practice. In addition to its new office, CMO Law Group recently implemented a municipal Lien Search division.