Chicago Developer to Build Office and Industrial Space near Orlando

Feb. 5--Expressing confidence in the area's industrial-space market, Higgins Development Partners, a Chicago-based company, is launching Lee Vista Business Commons, a 125,000-square-foot office/warehouse development at LeeVista in southeast Orlando.

The project, developed in partnership with Walton Street Capital LLC of Chicago, is to be ready for occupancy in October. Colliers Arnold is marketing the park.

Higgins has big plans for Lee Vista, a prime location just north of Orlando International Airport. The Chicago company is opening regional offices in Miami and Orlando and pursuing deals statewide.

Bulk-warehouse space rises

The bulk-warehouse market in Orlando closed last year with an 8.5 percent vacancy rate, up a tick from the third quarter's 8.02 percent rate, according to Greg Rebman of Rebman Properties in Winter Park. Rebman noted that vacancy levels have been on the rise, up from 5.37 percent in the first quarter of last year. The broker's survey found 451,000 square feet under construction at the close of the year. Rebman surveys 122 buildings totaling more than 15 million square feet.

Still time

Grubb & Ellis Commercial Florida will hold its annual forecast breakfast Tuesday at the Orlando Marriott Downtown. You can still sign up. Call 407-481-5386.

Construction. . .

Welbro Building Corp. of Maitland expects to complete Northlake Park II Relief Elementary School in the Lake Nona area by August. . . .

The Wilder Cos. recently held two groundbreakings, one for the 400,000-square-foot expansion of The Loop at John Young Parkway and Osceola Parkway near Kissimmee, the other for The Rialto mixed-use project on Sand Lake Road in south Orange County. . . .

Developer Carl Trauger is building the 53,000-square-foot University Econ Village Office Park on University Boulevard near Econlockhatchee Trail in east Orange County. Space from 1,800 square feet to 18,000 square feet is being marketed. . . .

Nucor Corp., one of the nation's largest steel-product producers, is building a 2,000-square-foot office at Poinciana Office & Industrial Park. . . .

RLF Inc., Winter Park, completed the conversion of the former North Park Baptist Church on Mills Avenue in Orlando to the Lake Highland Preparatory School's Charles Clayton Campus. . . .

Mechanical Services Inc. of Orlando is under way with $500,000 in work at Riverside Elementary School at 3125 Pembrook Drive in Orlando.

Leasing. . .

Taurus Southern Investments LLC signed Infrasafe Inc. to a six-year 16,591-square-foot lease at its 75,000-square-foot Challenger South building being built at the Central Florida Research Park. . . .

TAC Worldwide Cos. rented 3,020 square feet of office space at Capital Plaza One in downtown Orlando. Catherine Reeves of Highwoods Properties and Jamie Barati of Colliers Arnold handled the deal. . . .

Miller Einhouse Rymer & Boyd, a land-planning, civil engineering and landscape architectural firm, has taken 16,532 square feet at Millenia Lakes in southwest Orlando. The company also has offices in Maitland Center and Kissimmee. Duke Realty is the landlord. Tom Kelley and Mike Buffa, both of NAI Realvest, handled the lease.

Perot Systems Inc. leased 4,495 square feet for five years at the Maitland Forum Building. Tiffany Lee Zullo of Tower Realty Partners and Joe Hills of Cushman & Wakefield were the brokers.

Network Communications took 6,801 square feet of office/warehouse space at LeeVista in southeast Orlando. David Hammett of the McNulty Group and Robert Blackwell and Sean DuPree of NAI Realvest negotiated.

Advantage Services Group LLC took 5,473 square feet of office space at 2200 Lucien Way in Maitland. Tom Kelley, of NAI Realvest, and Chuck Mitchell, of First Capital Property Group, handled the deal.

Finance

The Orlando office of CBRE/Melody arranged $26 million in financing for the Wyndham Riverwalk Hotel in downtown Jacksonville.

The Orlando office of Thomas D. Wood & Co. arranged $3.135 million in financing for the development of a building in Lakeland for the Social Security Administration.

Northmarq Capital's Orlando office arranged $48 million in financing for the Station Square Condominiums in Clearwater.

Design

HuntonBrady Architects provided interior design services for Parsons Inc., an engineering and construction firm, at the Baldwin Pointe Office Building.

Daimwood Derryberry Pavelchak Architects, Longwood, completed design work on additions to Freedom Elementary School in Volusia County.

Charlan Brock & Associates is the lead architect for Regent Park, a 202-unit condo being built by the Cornerstone Group on Dean Road in Orange County.

Openings

Exit Westmont Realty has opened an office at 1200 Oakley Seaver Drive in Clermont.

Soco Interiors moved to 1270 Orange Ave. in Winter Park.

In charge

Moses Salcido, senior development manager for Panattoni Development Co., is the 2007 president of the Central Florida Chapter of the National Association of Industrial and Office Properties. Terry Delahunty, partner with Foley & Lardner LLP, is president-elect.

Copyright (c) 2007, The Orlando Sentinel, Fla. Distributed by McClatchy-Tribune Business News.



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