PNC Sells Foreclosed Industrial Portfolio
<![CDATA[It’s a deal local agents say signals the return of new construction and companies expanding in the Orlando suburb of Winter Garden. TSM Industrial Park, LLC purchased the Winter Garden Commerce Center industrial park from PNC Bank, NA for $2.3 million. Matt Sullivan, Wilson McDowell, and Bobby Isola of Colliers International Central Florida represented the buyer, an investor/developer. Ray Romano of CBRE represented the seller. The property was developed in 2008 and was foreclosed on by the seller several years ago. The 26.06-acre industrial park offers 17 fully developed industrial lots, located on East Story Road and 9th Street in Winter Garden. “The bank was looking to exit the property with one sale rather than 17 individual sales, which could have taken years,” says McDowell. “The buyers believe that the market is recovering and made a bet on industrial property in Winter Garden. And the city is excited about being able to turn a vacant piece of land into a new, higher-end industrial development that helps companies expand in Winter Garden.” The buyer plans to sell some lots for development, and to develop buildings on other lots to then sell or lease. Colliers brokers expect the industrial property to attract attention from companies looking to own or lease quality buildings in a park designed to maintain values. The Winter Garden Commerce Center has restrictions on the type of building and uses that are allowed in the park, which will limit noxious uses and serve to maintain real estate values. “We are starting to see more construction taking place as more and more space becomes occupied in the market,” says Sullivan. “There is still a lack of quality owner-user buildings for sale in the market and pricing for the newer, existing buildings is continuing to increase, so new construction is becoming a viable option again.” Source: GlobeSt.]]>
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