Denholtz Associates Acquires 86,527-Sq.-Ft. Office Building in Downtown Orlando2.5.2016
Orlando, Fla. (February 4, 2016) – Denholtz Associates has announced the acquisition of 100 East Pine Street, an 86,527-square-foot, six-story office building located in Downtown Orlando, Florida. Denholtz Associates acquired the property with plans to completely renovate the lobby, mechanical systems and exterior features making this ideally located boutique office building a Class A destination for existing and future tenants. The Seller was represented by Joe Rossi of Colliers International Central Florida.
100 East Pine Street boasts retail frontage on both Pine Street and Magnolia Street. The neighborhood provides substantial pedestrian foot-traffic from the many surrounding residential communities making this space very attractive to potential retailers. The property is located just blocks from the Dr. Phillips Center for the Performing Arts, which recently completed a $500 million renovation and is only steps from Orange Ave and Church Street in downtown Orlando. Interstate 4 and the East-West Expressway are located only a quarter mile away from the property, which affords it easy access from anywhere in Orlando.
“We believe that our acquisition of 100 East Pine provides a tremendous upside opportunity to increase its value through significant lease-up and capital enhancements in an improving, expansionary Downtown Orlando office market,” said JP Josephson, Director of Florida Acquisitions for Denholtz Associates. “In addition to being a global leader in tourism, Orlando is also one of the fastest growing economies in the Southeast. We believe that with our aggressive management and our extensive experience managing this type of asset, we can reposition this gem into a boutique, Class A office building serving small to mid-sized tenants.”
Current office vacancies span from as small as 500-square-feet to the possibility to accommodate larger tenants up to 25-35,000-square-feet.
“Interest in this property was very strong among developers, given its prime location and strong upside potential,” said Rossi, CCIM, Managing Director of Investment Services for Colliers International Central Florida. “This just goes to show the strength of the property and the demand for this type of investment.”
The vacant office space will be marketed particularly to high-tech, financial, and creative users who are seeking a more creative, casual environment without sacrificing amenities and location.
In addition to the existing office space vacancies, there is 4,800 square feet of retail space that is best suited for a restaurant to serve Downtown Orlando’s growing residential and commercial base. An additional 6,000-square-feet of flex-office or retail space on the ground floor and can be combined with the 10,800 square feet of basement space that is ideal for storage or studio space, such as exercise, music, or art.
Questions regarding available leasing opportunities at 100 East Pine Street should be directed to Micah Strader and Bobby Palta of CBRE’s Orlando office.