Sale of 92,575-square-foot portfolio follows successful two-year stabilization strategy
Denholtz Properties announces the sale of the 92,575-square-foot Parkway Commerce Center at 4403-4649 Parkbreeze Court in Orlando, Fla. Joe Rossi and TJ Campton with the Rossi-Campton Team at Colliers International exclusively represented Denholtz in the sale of this property to a private buyer.
Acquired for $5,050,000 in November 2017, the Parkway Commerce Center is a two-building, 92,575-square-foot flex industrial property that features a strategic location nearby Downtown Orlando’s central business district. Directly west of North John Young Parkway, the property also provides convenient access to State Route 434 and US Highway 441 as well as Interstate 4. Additionally, Orlando International Airport is less than 12 miles from the property.
Despite its highly strategic location and an adaptable layout, the Parkway Commerce Center held a 32 percent vacancy rate at the time of Denholtz Properties’ acquisition. With decades of experience in repositioning and managing similar flex properties, Denholtz Properties immediately pursued an aggressive two-pronged stabilization strategy at the property. Denholtz Properties leveraged their time-tested management and leasing approach to increase operational efficiency and drive tenant retention; while the company’s unmatched reputation among the local brokerage community facilitated new leasing activity.
“Although the individual investments vary considerably, we approach every investment with the same goal – creating value where others have missed it,” said Stephen Cassidy, President of Denholtz Properties. “This sale highlights the latest successful iteration of this approach as we were able to leverage our creativity and operational excellence to stabilize and realize an opportunistic investment from this asset in only two years that delivered superior, risk-adjusted returns to our investors.”
J.P. Josephson, Director of Acquisitions for Denholtz Properties added, “With tremendous population growth over the last several years and highly favorable demographics, we continue to be bullish about Orlando’s commercial real estate market. Despite this disposition, we continue to look for strategic acquisitions throughout the Orlando and Central Florida market.”
The Rossi-Campton Team had previously presented the property to Denholtz Properties as an off-market acquisition opportunity in 2017 when originally purchased. Rossi said, “It was a pleasure to work with the entire Denholtz team both during both the original acquisition and once again on this recent disposition. Our team generated significant investor interest in Parkway Commerce Center during our marketing effort and helped select the ideal buyer in order to get this sale closed prior to the end of the year.”