Lake Mary apartments at Griffin Farms break ground

March 09--The Federal Bureau of Investigation leased the old Insight Financial Credit Union on Keller Road in southwest Maitland with plans to relocate from nearby offices. The federal agency will keep its field office in Tampa, which oversees about 18 counties in Central and West Florida, but expand with a 15-year lease at 480 South Keller Road for Orlando operations, according to several officials. The federal agency has offices north of State Road 414 in Maitland.

The credit union had earlier relocated its centralized operations to Orlando-area branches, said Michael Beale, principal of Orlando-based BishopBeale commercial real estate firm. Beale and Nicholas Fouraker represented the building owner on the lease agreement, which took about 18 months to complete. Built in 2003, the three-story credit-union building has 35,629 square feet and is about a half mile northwest of West Kennedy Boulevard and Interstate 4.

St. Cloud Commons

St. Cloud Commons, a shopping center with 225,000 square feet, is slated for completion on a 33-acre site at Florida's Turnpike and U.S. 192 in Kissimmee by October. Williams Company Southeast is underway on the project, which is expected to have tenants including Ross Dress for Less, Marshalls, PetSmart, Ulta Beauty, Five Below, Bulk Nation and Famous Footwear, according to an announcement. On the periphery of the retail center, developers plan an Outback Steakhouse, Pollo Tropical and Panera Bread at the site. Pan American Group, based in Miami, is the developer.

Griffin Farms

Lake Mary's Griffin Farms at Midtown project has moved forward with Altamonte Springs-based Roger B. Kennedy Construction starting work on Drake Midtown Apartments, being developed by Unicorp National Developments Inc. Valued at $65 million, the apartments at 114 Longwood Lake Mary Road are the newest addition to Unicorp's Griffin Farms at Midtown retail project. Slocum Platts Architects designed the new residential project, which includes 263 units and two clubhouses. Goldman Sachs Bank USA provided financing.

Warehouse sales

--Consolidated Bedding Group LLC, managed by James Saunders, purchased a warehouse with 72,000 square feet at 100 Suddath Drive, Orlando from Jacksonville-based Suddath Enterprises for $2.32 million. Cory Kroeger with Kroeger Commercial, along with Chuck McNulty of the McNulty Group, represented the buyer. Justin Ruby, with Foundry Commercial, represented the seller.

--G&L Mattress LLC purchased a warehouse with 24,000 square feet at 11495 Rocket Blvd in Regency Industrial Park, Orlando from Garibaldi Partners LLC for $1.15 million. Cory Kroeger with Kroeger Commercial Real Estate represented the seller. Chuck McNulty with the McNulty Group represented the buyer.

Skyline at Heathrow

Skyline Healthcare's billing operations will take the first floor at 5739 Byron Anthony Place in Savannah Park, a mixed-use project at International Parkway and State Road 46 in Sanford. NAI Realvest Partner Paul Partyka and Associate Juan Jimenez, represented the Wood Ridge, NJ-based investor, Savannah Park at Heathrow Equity. It paid $1.1 million for the office condominium property. Skyline Healthcare owns nursing homes, adult daycare and assisted living facilities.

Business tax fight

Florida Realtors reinvigorated legislative efforts to reduce the state's 6 percent sales tax on business rent -- an issue the group has been advocating for years. The group noted that local governments may levy additional taxes on top of the state sales tax rate, which can increase the tax to 8 percent. Florida Realtors President Maria Wells said it was the association's top priority for Florida lawmakers.

mshanklin@orlandosentinel.com or 407-420-5538

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