WINTER PARK, Fla. — Hold-Thyssen, Inc., a commercial property firm based in Winter Park, recently negotiated the sale of a three-property portfolio of Orlando area commerce centers totaling 306,683 square feet of industrial flex space for $9,260,000.
Anthony Fisher, Vice President at Hold-Thyssen brokered the transaction representing the Seller, Miami-based LNR Partners, LLC. The South Florida buyer has retained Hold-Thyssen to perform management and leasing services.
The portfolio, which Hold-Thyssen has been managing for more than five years on behalf of the seller, includes 118,378 square foot Kennedy Commerce Center at 997 W. Kennedy Blvd., which sold for $4.2 million; the 64,350 square foot Edgewater Commerce Center at 6250 Edgewater Drive, which sold for $2.12 million; and the 123,955 square foot Kirkman Commerce Center at 701 S. Kirkman Rd., which sold for $2.94 Million.
Fisher said all three properties underwent several capital improvement projects over the last two years including new landscaping, pylon signage and exterior paint.
“The improvements, combined with excellent location, high visibility and relatively low competition in the areas facilitated a dramatic increase in leasing activity before the time of sale,” Fisher explained.
The buyer recognized the potential upside of the portfolio with the increased leasing activity and the ability to raise rents in the coming months.
“Each property’s occupancy was 74 percent or lower at the time of the sale leaving plenty of room for lease up,” Fisher added.
Hold-Thyssen Inc. is a real estate firm providing commercial property and leasing and management services to institutional and private investor clients nationwide. The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.
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