Charles Wayne Properties Acquires 5-Building Industrial / Flex Property for $9.55 Million in Seminol
Daytona Beach / Sanford, Fla. -- Charles Wayne Properties, Inc. recently completed the $9.55 Million purchase of Monroe CommerCenter South, a five-building industrial / flex campus on 8.49 acres located minutes from Interstate 4 in north Seminole County.
The five, single-story, industrial warehouse, showroom and flex buildings with a total of 116,500 rentable square feet, expands Charles Wayne Properties’ portfolio holdings in the Orlando market to more than 300,000 square feet.
Ted Lightman, Principal, said Monroe CommerCenter South is a natural addition to his firm’s other Orlando-area investments, which include Lake Mary’s Primera Court I & II Class A office buildings; Sanlando Commerce Center in Altamonte Springs; and the University Court office building near the University of Central Florida.
“We saw an opportunity in Monroe CommerCenter South to leverage increased industrial demand fueled by increased new residential and retail development in the market, particularly in north Seminole and nearby DeBary in southwest Volusia County,” said Lightman.
CBRE’s Ron Rogg and Chip Wooten represented Monroe South RE LLC, the Miami-based seller. “Selling Monroe CommerCenter South was a highly competitive process, which speaks to the strength of the industrial market and growing economy in central Florida,” said Rogg, CBRE Executive Vice President. “Charles Wayne was an ideal buyer, having a great track record in the market, and a reputation for closing on deals they target,” said Rogg.
Monroe CommerCenter South features office and warehouse space with grade-level rollup doors, appealing to a wide variety of tenants. The property is currently leased to a diverse and noteworthy tenant base in various industries, including services, suppliers, construction and technology, among others. Built in 2003, it was one of five similar “CommerCenters” developed by Small Bay Partners and NAI Realvest throughout Central Florida to meet the need by industrial users of 2,000 to 20,000 square feet.
The five buildings are located at 627-655 Progress Way, 663-691 Progress Way, 703-739 Progress Way, 4141-4186 Incubator Court and 4140 Flex Court.
Charles Wayne Investment Management, LLC will handle asset and investment management functions for the property and its investors. The NAI Realvest team headed by Principal Michael Heidrich will continue to handle leasing for the new ownership. Charles Wayne and NAI Realvest are affiliated in this and certain other real estate ventures.
Lightman added that Charles Wayne Properties continues to actively seek more expansion of its commercial holdings in the Orlando market, which has led the country in job growth at 3.5% year-over-year. Employment growth is projected to average 2.1% a year through 2023, according to Moody’s Analytics, almost 3 times faster than the national average projections of 0.8% annually.
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About Charles Wayne Properties
Charles Wayne Properties was founded in 1978, starting as a joint venture with New York based Republic Funding Properties. It has developed, owned and managed shopping centers, freestanding retail, office buildings and industrial parks in 8 states. CWP has worked with local and national clients in capacities including brokerage (now in combination with NAI Realvest), development, investment sales, tenant representation, property management and receivership. To learn more please visit www.charleswayne.com.
About NAI Realvest
NAI Realvest, covering all of central Florida, is a fully integrated commercial real estate operating company specializing in brokerage, development, investment, leasing and management, consulting and research services in the U.S. and worldwide. NAI Global is an international commercial real estate network with over 400 offices spanning the globe. Since 1978, clients have built businesses on the power of NAI Global’s expanding network. Extensive services include multi-site acquisitions and dispositions, sublease, tenant representation, lease administration and audit, investment services, due diligence and related consulting and advisory services. To learn more, visit www.nairealvest.com.