Realvest Plans Area's First Warehouse Condo Facility

Realvest's 62,400-sf, $3.8-million Benson Junction CommerCenter in Sanford will offer users condominium industrial and warehouse facilities with bays as small as 1,000 sf. The condo space is projected to sell for $80 to $100 per sf and will be the first of its kind in Central Florida, Livingston tells GlobeSt.com.

"The Central Florida market has seen significant development of office condominiums but condominium industrial facilities are relatively rare," Livingston says. "We plan to offer one of the buildings as a condominium and we'll adjust our planning when we see what the reception is." The condo space will also be offered on a lease basis. The Benson Junction project is scheduled to open in November at the intersection of Benson Junction and Shell roads.

A second project, the $6.2-million Springview CommerCenter in DeBary, Volusia County, will have 100,000 sf of class A, dock high industrial and warehouse space when it, too, opens in November.

Also in Sanford, Realvest plans to begin construction of a third phase at Monroe CommerCenter North on Church Street in first quarter 2006. That projects is now in its permitting stages.

Phase I at Monroe CommerCenter includes 90,000 sf of industrial space that is fully leased. The second 90,000-sf phase is currently leasing. The third phase will include two buildings of 42,000 sf and 18,000 sf, designed for warehouse and light manufacturing users. The larger building will offer dock high loading; the smaller structure is designed as a ground-level facility.

At Monroe CommerCenter North, Phase II, OlsonElectric of Springfield, IL has signed a five-year lease for 7,252 sf of office and warehouse space at the 4200 Church St. property. Realvest vice president Michael Heidrich brokered the $274,000 transaction. Key tenants at the park are Ginn Golf, Atlantic Fasteners and Hill-Rom.