Category: Clearwater/Tampa Team

Historic Winter Park property sells in high-profile transaction

A mixed-use building with retail and a historic hotel located on Winter Park’s most high-profile street recently sold in an off-market transaction.

University Park, FL-based Benderson Development purchased Park Plaza from an entity associated with Miami-based PMI Florida for $16.25 million in a sale that closed on September 25. The 25,000-square-foot building, located at 307 S Park Ave., consists of ground-floor retail and a 28-room boutique hotel on the second floor. Brian Grandstaff & Michael Curtis of Orlando-based Millenia Partners represented the seller and Alex Bisbee of Orlando-based Insite Commercial Real Estate represented the buyer.

Grandstaff told GrowthSpotter that this sale represents the largest single transaction in the history of Winter Park’s Park Avenue, both in terms of property size and sales value.

“I’ve been a commercial real estate broker and developer since the mid-90s here in Orlando, and have done a lot of deals on Park Ave. I’m unaware of a sale [on Park Avenue] in excess of 25,000 square feet or the quoted sales price,” he said.

The property was built in 1922 and was the first hotel to open in Winter Park. Originally named the Hamilton Hotel, the building was given its current name after it underwent a major renovation in the late 1970’s. Bisbee told GrowthSpotter that being involved in the sale of the historic building was extra special for him, as the property is located only a couple blocks from Rollins College.

“It’s extremely high profile, one of the most historic buildings in Central Florida,” he said. “I went to Rollins, so having done a deal a couple hundred feet away from the school was a very meaningful project for me.”

The hotel rooms on the second floor of the building have balconies that overlook Park Avenue and Central Park. (Photo provided by Insite Commercial Real Estate)

There are five retail spaces located on the ground floor, including Bovine Steakhouse, Pristine Nail & Dayspa, The Vintage Vault wine store, Tuni’s women’s clothing store, and Bebe Baby Boutique and Liz’s Fashion Experience, which also sells women’s clothing. The property is 100% leased.

“This particular building is one of the most iconic [on Park Avenue] because of its intersection right at the beginning of Central Park. That is what Park Avenue is named after,” Grandstaff explained. “Having this historic hotel…It’s just iconic. It’s irreplaceable.”

Park Plaza Hotel is just one of two hotels in Downtown Winter Park, along with The Alfond Inn. Other nearby hotels include large national chains such as SpringHill Suites and Hilton Garden Inn. Park Plaza’s rooms include balconies overlooking Park Avenue and Central Park, and the hotel also has a small yet elegant hotel lobby that features an old-fashioned design.

“It is specialty, it is boutique. It is definitely something that is unique compared to the commercial franchise brands out there. And it’s hard to compete with the Alfond. I mean, it is a remarkable hotel,” Grandstaff said. “But Park Plaza Hotel is iconic.”

Park Plaza is located off of Park Avenue, across the street from Central Park, and just a couple blocks north of Rollins College. (Orange County Property Appraiser)

Grandstaff also described Park Avenue as “recession-proof” and explained that there is always a lot of interest whenever a restaurant or retail space on the high-profile corridor becomes vacant. This was one of the main factors that made Park Plaza a compelling investment opportunity.

“You’ll rarely see signs on the property specifically. You’ll notice that if a property is vacant, before a sign is up it’s already got multiple LOIs on the property, specifically on Park Avenue,” he said.

Grandstaff pointed to Farm + Haus, a restaurant that operated at 526 S Park Ave for ten years. The establishment’s owners announced on September 5 that the business would close down. The owners of the building received immediate interest in the location.

“The owners, who I have spoken with, have multiple letters of intent for the property and there’s no sign on the window,” he explained.

Additionally, Financier Bistro & Bar a Vin closed down this summer, leaving a space at 212 Park Ave. vacant. The owners of that building also received interest quickly, and earlier this week The Glass Knife, a cafe with an existing location at 276 S Orlando Ave. in Winter Park, announced plans to open a second store there. Seattle-based Storyville Coffee also has plans to open its first location outside of Washington state upon completion of a planned, mixed-use, 11,280-square-foot building located just a block off Park Avenue at 111 S. Knowles Avenue.

Park Plaza Hotel in downtown Winter Park sells

A historic downtown Winter Park hotel built in 1922 has sold.

Benderson Development bought the 25,000-square-foot building at 307 S. Park Avenue for $16.25 million in an off-market deal that closed Sept. 25. The sale includes the 28-room boutique Park Plaza Hotel on the second floor and 12,000 square feet of retail space.

The seller, Park Avenue Plaza of Winter Park Ltd., was represented by Brian Grandstaff and Michael Curtis of Orlando-based Millenia Partners, while Benderson was represented by Alex Bisbee of Orlando-based Insite Commercial Real Estate.

Bisbee told Orlando Business Journal the deal was about four months in the making, with the University Park-based developer wanting to search for a high-profile Winter Park asset. Bisbee connected with Grandstaff, who spoke with the owner of the property and got the deal started.

“This is among the most historic properties in Winter Park,” Bisbee said.

Benderson confirmed the purchase in a statement.

“We are thrilled to add such a prominent Park Avenue property to the Benderson portfolio,” Evan Benderson, executive director of leasing for Benderson Development, said in a press release. “We look forward to enhancing the Park Plaza experience and ensuring that it remains a beloved destination for years to come.”

Grandstaff said the sale represents the largest property transaction and highest sales price on Park Avenue in years.

The seller was not immediately available for comment.

The sale comes as other buildings nearby have sold in recent months.

For instance, the 5,546-square-foot retail building at 339 S. Park Ave. sold for $6.4 million in February.

Lazy Moon Pizza sets opening date for new Maitland location

This will be Lazy Moon’s third location around town.

Locally loved Lazy Moon Pizza announced Monday an official opening date for its new outpost in Maitland.

The new restaurant — Lazy Moon’s third location — is set to open its doors Saturday, May 18, with a grand opening event starting at 11 a.m. The restaurant will be in a soft opening starting May 15.

Lazy Moon Maitland, located in the former Einstein Bros Bagel building at 441 S. Orlando Ave., Maitland, has been a years-long project for owner Tim Brown. It’ll be the latest feat for the Orlando-based brand, which celebrates its 20th year in town this year.

“Patrons to the new location can expect most of the same things they know and love about the Lazy Moon brand — murals designed by local artists, the Lazy Moon slice menu, beer, cocktails, and a laidback atmosphere,” says a press release.

A new draw at the Maitland location, however, will be the restaurant’s sizable outdoor patio that can seat up to 62 people, in addition to indoor seating.

Once open, Lazy Moon Maitland’s hours will be 11 a.m. to 11 p.m. Sunday through Thursday and 11 a.m. to midnight Friday and Saturday.

Starbucks opens 1st drive-thru-only location in Orlando area, more new stores under construction

As seen on Orlando Business Journal 

Coffee powerhouse Starbucks (Nasdaq: SBUX) has opened two new stores in Central Florida — including one that represents a first for the market — in addition to five more new locations in the construction pipeline, Orlando Business Journal has learned.

The newly opened stores are both in Seminole County, with a new location open at 3645 Aloma Ave., in unincorporated Seminole County between Oviedo and Winter Park, and the other at 3764 S. Orlando Drive, in Sanford.

According to Alex Bisbee, a commercial brokerage advisor for Insite Real Estate Inc. in Orlando who does tenant representation for the coffee chain in Central Florida, the new Sanford location is the first drive-thru-only Starbucks in metro Orlando. The 1,400-square-foot prototype eschews the chain’s typical interior cafe space in favor of a smaller building footprint and larger drive-thru infrastructure on the property.

In addition to those two stores, Bisbee confirmed five additional Starbucks locations that are currently under construction:

  • 4300 Alafaya Trail, south of Oviedo and adjacent the University of Central Florida
  • 410 Myrtle Street, in Longwood
  • 4115 Town Center Blvd., in Orange County’s Hunters Creek area
  • 7589 Narcoossee Road, northeast of Orlando International Airport
  • 13350 Hartzog Road, in Horizon West — the second Starbucks in the Flamingo Crossings area

“Central Florida remains a very high performing market for Starbucks,” Bisbee said. “We see a significant horizon for continued new store openings.”

Executives for Starbucks were not immediately available for comment on the expansion plans.

 

Longtime Orlando company Armstrong Lock puts Mills 50 property on market ahead of relocation

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.

Armstrong Locks puts Mills 50 property on market

The family-owned Armstrong Lock and Security (Website) has been in business since 1929 and they are putting their longtime home at 1120 N. Mills Avenue [GMap] up for sale.

According to Insite Real Estate, Armstrong has outgrown its building and is relocating somewhere else in Central Florida – though they wouldn’t/couldn’t disclose the new address.

The 0.37-acre property features a 2,900 SF building and 17 parking spaces – a commodity in the ever-growing Mills 50 District.

It has been listed sans-asking price and is being marketed by Alex Bisbee, of Insite Real Estate, Inc (Website). According to the Orange County Property Appraiser website, the property was last assessed at $937,278 in 2022, but a comparable warehouse across the street sold for $2.3 million last year.

Truist, Bank of America among banks with most Orlando branch closures

Multiple banks in metro Orlando slimmed their branch footprint over the past year.

From June 30, 2021 to June 30 of this year, metro Orlando lost roughly 30 bank branches, down 6% from 499 to 469 according to the Federal Deposit Insurance Corp. The region has lost 143 branches in the past decade, down 23.4% from 612 branches in 2012.

Alex Bisbee, a commercial brokerage advisor with Clearwater-based Insite Real Estate Inc., previously told Orlando Business Journal more customers have switched to digital banking, which has changed strategies for banks and branches. “There’s still a lot of banks carefully doing deals and repositioning to higher-profile areas.”

Many banks are considering the demographics of an area, as well as other factors like vehicle traffic levels. For Charlotte, North Carolina-based Truist Financial Corp, that change in strategy nationally has included plans to open 15 U.S. branches in low- to moderate-income communities or majority-minority communities through 2022.

Steve Fisher, Central Florida regional president for Truist, previously said the bank has seen the transition of more customers to online, which has shaped its retail strategy.

These banks closed some locations in the four-county metro area between 2021-2022:

  • Truist (NYSE: TFC): From 77 to 60, down 17
  • Bank of America (NYSE: BAC): From 56 to 53, down three
  • Chase Bank (NYSE: JPM): From 52 to 49, down three
  • First Horizon Bank (NYSE: FHN): From 12 to 10, down two
  • Wells Fargo Bank (NYSE: WFC): From 51 to 50, down one
  • Trustco Bank (Nasdaq: TRST) : From 36 to 35, down one
  • PNC Bank (NYSE: PNC): From 22 to 21, down one

These banks added local branches between 2021-2022:

  • Regions Bank (NYSE: RF): From 32 to 34, up two
  • TD Bank (NYSE: TD): From 11 to 13, up two

These banks saw no change in number of area branches between 2021-2022:

  • Fifth Third Bank (Nasdaq: FITB): 33
  • SouthState Bank (Nasdaq: SSB): 16
  • Seacoast National Bank (Nasdaq: SBCF): 13
  • United Southern Bank: 13