Fast-rising rents push deeper into suburbs

Orlando Sentinel (FL)

Jan. 27--Orlando's fast-rising rents appear to be spreading farther into the suburbs.

Volusia County ranked sixth nationally for the greatest hikes in monthly residential rents, according to real-estate analytics group Trulia. Median rents there increased 6.9 percent from 2016 to 2017 and reached $1,400. The rate of increase was more than double the national increase of 3.1 percent during that time.

Rising rents are driving sales. CoStar recently reported that Metro Orlando apartment sales for 2017 reached record levels. RealPage cited Orlando as the top U.S. market for rent growth during during a 12-month period ending in November with increases of more than 5 percent, according to research group's use of Axiometrics data.

UCF stadium lawsuit

Circuit Judge Julie O'Kane entered an order dismissing Harris Civil Engineers LLC from lawsuit filed by the University of Central Florida and the UCF Stadium Corporation seeking damages for corrosion throughout the bleachers at the football stadium. The legal complaint now includes only the bleacher installation group Dant Clayton Corp., 360 Architecture FL Inc., and Engineering Technologies Corporation.

Minneola growth

Hanover Family Builders, with brothers Matt, Stephen and Andrew Orosz, purchased a 126-acre site on the new extension of North Hancock Road near the Minneola Interchange of Florida's Turnpike. Purchased for $6.27 million, the land is permitted for 399 houses. Steven Ruoff represented the seller, Family Dynamics Land Company LLC.

Research leases

Three companies have leased more than 24,000 square feet at the Research Commons Building in Research Park, 12249 Science Drive, Orlando. Modeling and simulation group CAE USA leased 10,372 square feet and was represented by Michael Fisher and Chris Sproles of CBRE. Phoenix Logistics Inc. leased 7,600 square feet. Cubic Global Defense Inc. leased 6,700 square feet and was represented by Mark Stratman of Cushman & Wakefield. Tiffany Zullo Robinson of Tower Realty Partners represented the landlord.

Winter Park sale

Winter Park's tight office market helped drive the $2.22 million sale of an office building at 1270 N. Orange Ave., Winter Park. Investor Kamran Khosravani purchased the 1991 building near Jewett Orthopedic Clinic and was represented by Mina Khosravani. Story Properties sold the complex and was represented by David Lundberg and Greg Kainz, both of Commercial Equity Partners.

Altamonte apartment sale

Central Park Apartments, a gated community with 362 apartments at 525 One Center Blvd., Altamonte Springs, sold for $52.75 million to TruAmerica Multifamily. McDowell Properties sold the property, which was built phases in 1992 and 2000. Sellers were represented by CBRE's Capital Markets team of Shelton Granade, Kevin Geiger, Luke Wickham and Justin Basquill.

Concord purchase

Concord Development purchased property with 76,666 square feet of land from Michael S. Anderson and Elizabeth Anderson for $396,000. The property is on Concord Drive in Casselberry. Collin Rahill represented the sellers.

Orlando ranked sixth nationally in Penske Truck Rental's 2017 top moving destinations. It followed Atlanta, Phoenix, Dallas, Houston and Tampa/Sarasota. The moving company compiles the data from one-way rental truck data and has published the list since 2011.

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