A South Florida firm bought a suite of industrial parcels in Longwood for $30.6 million, or $155.79 per square foot.
Delray Beach-based Redfearn Capital purchased the 18-acre property at 975-1175 Florida Central Parkway from New York-based Eckstein Properties in a deal that closed Sept. 18. The property last traded hands in 2004 for $9.7 million.
Built in 1990, the industrial center features three buildings totaling 194,784 square feet with rear-loading docks and a shared food truck court, according to county records.
The site is fully leased to tenants Bell Chem, HornerXpress and Guitar Center distribution.
Alex Redfearn, founder and CEO of Redfearn Capital, said the site had several positive factors that led to this deal.
“The location on the north side of Orlando, particularly in Longwood, presents significant growth opportunities. Additionally, the property had been held by its previous owners for over 20 years, so the chance to acquire it and reposition it with modern updates was a compelling aspect of the deal.”
The company plans to invest more than $1 million in property improvements, including monument signage, renovated roof and awnings, landscaping and fresh paint. “We see strong potential in enhancing the property and tapping into the continued expansion in the area,” Redfearn said.
Eckstein executives were not immediately available for comment.
Meanwhile, there have been 16 industrial sales in Longwood in 2024 at an average price of $162 per square foot, a 7.5% increase from 2023, according to real estate analytics firm CoStar Group. In metro Orlando, there has been a total of 295 industrial sales for an average of $158 per square foot, an 8.5% increase from last year.
Original Article from Orlando Business Journal
