ORLANDO-About five weeks after the 96,000-sf Building 3 at the 20-acre I-4 Commerce Center was completed, the industrial structure is almost 100% sold out. Developer Dick DeLater has the last 6,000 sf under contract.
Ten companies have purchased a total 90,000 sf at an average price of $96 per sf for a total $8.64 million in sales to date. DeLater estimates the development cost of Building 3 was about $6.25 million.
"All units went under contract after construction had begun but prior to construction being completed" on Feb. 9, Ray Romano, a senior associate in the Orlando office of CB Richard Ellis Inc., tells GlobeSt.com. Romano negotiated all of the sales for DeLater. Building 3 is at 1600 33rd St.
The units range from 6,000 sf to 18,000 sf and offer dock-high loading and 24-foot ceiling heights. Among the buyers were Millenium Contract Flooring, 12,000 sf; Chang Feng Trading, 6,000 sf; Avinya Distributors, 6,000 sf; Castle Design, 6,000 sf; Sunny & Co. Toys, 18,000 sf; Benzer International, 6,000 sf; and K & S Trading, 12,000 sf.
Romano says DeLater currently has a 30,000-sf flex space condo building under construction at I-4 Commerce Center that is 70% sold out. "He also plans to build a three-story, 20,000-sf office building along I-4 at the corner of Rio Grande and 33rd Street," the broker tells GlobeSt.com. Still another DeLater ongoing project is a 60,000-sf office and medical condo facility on Orange Avenue, just north of Florida Hospital.
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