ORLANDO, Fla., August 2, 2019 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of West Colonial Redevelopment, 3.290-acres of land located in Orlando, Fla., according to Chris Travis, sales manager of the firm’s Tampa office. The asset sold for $3,125,000.
James Garner, James Medefind and Jim Shiebler, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited liability company, was also secured and represented by James Garner, James Medefind and Jim Shiebler.
West Colonial Redevelopment is located at 4815 West Colonial Drive in Orlando, Fla. This property is currently operating as a furniture store on a month-to-month lease. The existing structure has 250 square feet of frontage and is ideal for a self-storage development or mixed-use facility with retail, office, industrial or storage.
The property consists of 3.29 acres with an existing structure of approximately 110,203 square feet. The front portion of the structure is a showroom with a second story mezzanine, while the back half of the building is warehouse space for storage.
“Over the course of our marketing process we sourced a total of 12 offers generating significant interest in redeveloping the property for a variety of uses including self-storage, retail, warehouse, and other community uses. Ultimately, we closed at 97% of list price with a national self-storage developer who has a comprehensive plan to improve the property and leverage the current opportunity zone status,” said James Garner, the lead agent representing both groups.
This property sits on busy West Colonial Drive, adjacent to the Central Florida Fairgrounds. The 87-acre fairgrounds holds the Annual Central Florida Fair which averages 250,000 people in attendance each year.
This property is located on Florida State Road 50 which runs across the entire state of Florida from Weeki Wachee through Orlando and out to Titusville. This stretch of State Road 50 sees 46,000 vehicles per day and creates the ideal opportunity to capture commuter traffic in and out of downtown Orlando.
Orlando has a population of approximately 280,300 people according to the 2017 U.S. Census Bureau figures, making it the third largest MSA in Florida. Orlando is nicknamed “The Beautiful City” and is also known as the theme park capital of the world. Walt Disney World, the Universal Orlando Resort and Sea World, in addition to many other local attractions brought over 68 million visitors to Orlando in 2016.
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,472 transactions in 2018 with a value of approximately $46.4 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.