Downtown midrise gets foreclosed
Sep 23, 2012 (Menafn - Orlando Sentinel - McClatchy-Tribune Information Services via COMTEX) --Sentinel Capital Partners LLC last week foreclosed on the owners of the Centennial Bank Building at 250 N. Orange Ave. in downtown Orlando.
The building's mortgage is 15.3 million and the structure is owned by a limited liability corporation that includes Galip and Ali Mamudoski of Bronx, N.Y. Records show they purchased it in 2006 for 1.5 million. The tower's two former anchor tenants, Centennial Bank and now-defunct Old Southern Bank, are also named in the foreclosure.
Located a block south of the Orange County Courthouse, the office tower has been cited repeatedly for electrical-code violations by the city. But while it is not in the best condition, it should attract a lot of interest from buyers, said Justin West, an office specialist in the Orlando office of the commercial real estate firm Marcus & Millichap.
"Investment sales in the Orlando market are on the increase, and a building of that scope and nature in the downtown CBD [central business district] would certainly generate multiple offers," he said.
Orlando-based Sentinel Capital, which has also purchased 110 million in distressed notes from Reunion Resort and Golf Club, is a consulting firm that serves lenders, developers and other clients. Directors include Steven Parmee and Richard A. Burt, both of Orlando.
Leases
Grimco Inc. leased 17,681 square feet of industrial space in Prologis Orlando Central Park, 7630 Currency Drive, Orlando. Matt Sullivan, Wilson McDowell, and Bobby Isola, all of Colliers International Central Florida, represented the landlord, Prologis. The same Colliers team represented the landlord, DCT Industrial, in connection with Pilot Air Freight Corp's 8,247-square-foot lease at ADC North, 7199 S. Conway Road, Orlando. ...
NAI Realvest has negotiated new leases that included 2,670 square feet of Class A office space on Primera Boulevard in Lake Mary. NAI Associate Mary Frances West represented the landlord, RREF Interchange-FL Primera I LLC, which is based in Daytona Beach. The tenant is the Wisdek Corp., an online-advertising company with headquarters in Richmond Hill, Ontario. There was no co-broker. ...
CBRE completed two leases in Orlando Central Park. At Beeline Distribution Center I, Tech Packaging expanded by 44,200 square feet to lease a total of 100,800 square feet in the same building. CBRE also arranged for Perfect 10 Satellite Distribution to relocate from Beeline Distribution Center I into Beeline Distribution Center II and extend its lease for a five-year term.
Contracts
Energy Air Inc. won HVAC-installation contracts for 16 buildings at Post Lake in Baldwin Park, the Container Store in Orlando, and Kissimmee's Vacation Village at Parkway. It will also perform tenant improvements at the University of Central Florida's North End Recreation and Wellness Center, Winter Park Urology, NBA City Club in Amway Center, Orlando's GAI office building, and the Sea Harbor office-building fitness center.
Lease
Emerson International closed on leases totaling 3,372 square feet in Louisiana Office Park on Louisiana Avenue in Winter Park. Zac Starkey, commercial associate, negotiated both. Behavioral Associates leased 2,099 square feet, while Onward Behavioral Health Inc. leased 1,273 square feet.
Other
The UCF Career Services and Experiential Learning Building, designed by SchenkelShultz Architecture, received gold certification from the U.S. Green Building Council.
mshanklin@tribune.com or 407-420-5538
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