C&W’s Glenn Jaffee Carves Out Repurposing Niche

ORLANDO, FL—Glenn Jaffee, senior associate of brokerage services in Cushman & Wakefield’s Orlando, office is carving out a niche in the local market advising owners on how to creatively repurpose existing assets for new uses and users while maximizing value. Recently, Jaffee has helped repurpose a former correctional facility into a school and an aging warehouse into a state-of-the-art, world-class baseball training facility.

Jaffee tells GlobeSt.com that taking a property which has become functionally obsolete can also mean it does not meet the requirements of today’s standards. It is not always easy to change the zoning, meet code ranging from fire to building, create a stormwater retention pond with limited land, all of which has to be done within or below replacement cost to make it work.

In June, Jaffee represented Orlando-based owner Proequity LLC in the lease of 644 Ferguson Dr., an approximately 28,000-square-foot commercial building located just west of downtown Orlando that had formerly housed back-office banking operations, a juvenile detention center and, most recently, an 82-bed minimum security correctional facility.

The new tenant, Community Coordinated Care for Children, Inc. (4C), leased about 19,000 square feet at 644 Ferguson Dr. where it will provide educational opportunities in the building, primarily for children under the age of three. 4C is a non-profit that coordinates services for families and children throughout Central Florida.

4C plans over $500,000 in improvements at 644 Ferguson Dr., including adding multiple classrooms for up to 150 students, restrooms, playgrounds and staff offices. The facility is expected to open this month. The new facility is located immediately south of 4C’s Orange County administrative offices at 3500 W. Colonial Dr.

“This was an ideal location for 4C’s educational facility,” said Jaffee, who has been retained by Proequity LLC to lease the remaining approximately 9,000 square feet at 644 Ferguson Dr. “The building’s unique layout offered incredible flexibility for the multitude of services offered therein, and the property’s proximity to 4C’s administrative offices as well as the Orlando CBD will provide exceptional opportunities to extend much-needed supportive services for the children of Orlando’s workforce.”

Jaffee also assisted Auer Enterprises, LLC in the repurposing of its 26,000-square-foot warehouse at 1085 Belle Ave., in Casselberry, FL, for Marucci Clubhouse and Scorpions Baseball.

The building was originally developed in 1971 on an approximately 3.5-acre site in Seminole County and formerly housed family-run Kellyco Metal Detectors for nearly five decades. The family recently sold the business and enlisted Jaffee’s assistance in repurposing the structure, which it still owns.

Jaffee was able to secure a full-building, long-term lease with Marucci Clubhouse, a baseball training franchise affiliated with Baton Rouge, LA-based baseball equipment manufacturer and retailer Marucci Sports and Scorpions Baseball. The Marucci Clubhouse and Scorpions Baseball program has produced more than 30 major leaguers and has eight existing and planned Marucci Clubhouse locations in Florida, Louisiana, Texas and Nevada.

Marucci Clubhouse completely renovated 1085 Belle Ave. at a cost exceeding $600,000. The property was rezoned, and existing storage, showroom and office space was converted into a state-of-the-art, climate-controlled training facility featuring a showroom for Marucci Sports’ products and a mezzanine observation deck and waiting area. The facility opened in October.

Jaffee says interest in repurposing buildings is increasing because replacement cost is so high right now and land is limited within areas of interest.

“New construction is expensive in Central Florida so if you can find an asset which could be repurposed taking advantage of some existing structures, land uses, infrastructure, they become desirable for redevelopment,” he says.