618 East South St. in Orlando, Florida — Courtesy: Denholtz Properties
By Joshua Burd
Denholtz Properties has acquired a nearly 107,000-square-foot office building in downtown Orlando, bringing its portfolio in Central Florida to just under 1 million square feet.
The Red Bank-based firm said the seven-story property, 618 East South St., is fully leased and serves as the southeastern headquarters for engineering, planning and environmental consulting firm GAI Consultants. It’s also home to six other tenants spanning the financial services and health care markets, which enjoy quick access to a Publix Supermarket and Lake Eola Park just blocks away and Thornton Park, a neighborhood just north of the building with award-winning restaurants, luxury condominiums and apartments.
Denholtz’s portfolio in downtown Orlando now spans 186,976 square feet. It also owns 100 East Pine Street, an 80,010-square-foot, six-story office building where it recently completed a sweeping $6 million overhaul.
Meantime, the firm’ overall portfolio of office and flex industrial properties in the region now spans nearly 1 million square feet.
“The ongoing flight to quality and the strong overall growth fundamentals of Orlando’s commercial real estate sector continue to provide us with great confidence in the trajectory of the downtown office market,” said Stephen Cassidy, president of Denholtz Properties. “Through the Downtown Orlando Office Portfolio, we are excited to offer our investors the opportunity to tap into this dynamic market to realize its unique value-creation potential.”
Built in 2011, 618 East South St. is one of Orlando’s newest office buildings and is the downtown’s first privately developed building with certification on the U.S. Green Building Council’s Leadership in Energy Environmental Design scale. The 106,966-square-foot building has an integrated parking garage and a ratio of 3.1 spaces per 1,000 square feet, while providing quick access to the busy SR 408 East-West Expressway.
Denholtz’s portfolio in the Tampa and St. Petersburg area spans more than 600,000 square feet, a number that figures to grow under its newly launched $1 billion joint venture aimed at building and acquiring multitenant industrial properties.
“The Southeast’s superior quality of life, ideal business environment and strong population growth continues to give us supreme confidence in the long-term trajectory of the market,” Cassidy said. “We look forward to continuing to target strategic acquisitions across the office and flex-industrial sectors and leveraging our time-tested operating platform to drive results in this market on behalf of our investors in the months to come.”