The building at 1120 N. Mills Avenue has long been home to Armstrong Lock & Security Products — a family-owned company that dates back to 1929.
A family-owned Orlando company in business for nearly a century is preparing to relocate — and has placed the Mills 50 property it long has called home on the market.
The Armstrong family, owners of Armstrong Lock & Security Products, have listed the 0.37-acre property at 1120 N. Mills Ave. for sale.
It has been listed without an asking price and is being marketed by Alex Bisbee, a commercial brokerage adviser with Clearwater-based Insite Real Estate Inc.
The property at the southwest corner of Lake Highland Drive and North Mills Avenue includes a 2,900-square-foot building.
Bisbee told Orlando Business Journal the offering is “generational real estate,” adding that the 17 parking spaces the property currently has are a distinctive asset relative to surrounding properties.
“That’s a very unique attribute — parking in this corridor is tight.”
A well-located property in Mills 50 being put up for sale is a big deal, largely because the busy retail district has strong connectivity to some of Orlando’s most popular neighborhoods and suburbs.
Because of this, it boasts a high barrier to entry — both for property owners and retail or restaurant tenants.
“I must get five calls a week saying ‘hey, I want to open my business in Mills 50,’ or ‘hey, I want to move my business to Mills 50’ – it’s a nice problem to have that we have very little available space,” previously said Joanne Grant, executive director for the Mills 50 Main Street District.
In addition, most of the lot sizes in that area are small, which makes it more difficult for developers to assemble parcels and redevelop space in the area, said Jill Rose, vice president of retail services at Orlando-based Bishop Beale Duncan.
This makes existing properties that come on the market all the more desirable. “We’re a big believer in Mills 50. I think there’s pent-up demand for that market and we’ll continue to see that.”
Speaking on behalf of the Armstrong family, Bisbee said Armstrong Lock & Security Products has outgrown the space and will announce a relocation destination in the near future.
Meanwhile, though the offering is unpriced, it does have a nearby comparable sale that is relatively recent.