New owner, Denholtz Associates, plans to execute a capital improvement plan at 100 E. Pine Street
Orlando, FL – April 12, 2016 – CBRE has been selected by Denholtz Associates as the exclusive leasing agent for 100 East Pine Street, a Class A office/restaurant/retail building with a total of 86,537-square-feet in downtown Orlando, Florida. New Jersey-based Denholtz Associates acquired the six-story building in December 2015. The new owner has commenced an over $3 million capital improvement plan that will dramatically improve the building.The renovations will include upgrades to the building lobby, common area finishes, installing new elevators, restroom renovations, exterior building lighting, streetscape improvements and enhanced signage. The 10,000 square feet of available retail space on the ground floor will also undergo a complete interior and façade renovation, including major upgrades to the 4,000-square-foot restaurant space and patio to create an indoor/outdoor dining room and patio area. Work on the project is expected to be completed in 2016.
“The owners purchased the building at an attractive basis, which puts them in position to invest in and improve the asset,” said CBRE Vice President Micah Strader. “They have confidence in the Central Florida market and see an opportunity to add value through capital improvements to this centrally-located mixed-use property.”
“We look forward to marketing such a unique, strategically-located space in the heart of downtown Orlando,” said Bobby Palta, First Vice President, CBRE Brokerage and Retail Services. “When the renovations are complete this property will provide a prime indoor/outdoor retail experience for both tenants and visitors of the building.”
“We are confident with the improvements that we are making to the building, coupled with its superior location and amenities, that the asset will attract small to mid-sized tenants to downtown Orlando,” said J.P. Josephson, Director of Florida Acquisitions for Denholtz Associates. “We decided to move forward with an exclusive leasing agreement because we feel that CBRE understands our vision for the property and has the expertise to execute it well.”
Built in 1977, 100 East Pine is within walking distance to nearby restaurants, retailers, hotels and entertainment. The property offers excellent access to I-4, State Road 408 and the downtown Sunrail stations. Office suites range from 507 to 12,570 square feet, and retail spaces range from 4,369 to 10,826 square feet, offering a wide range of options for new tenants.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Denholtz Associates
Denholtz Associates is a privately held, fully integrated real estate development, investment and management company with more than 60 years of commercial real estate experience. Denholtz Associates actively targets multi-tenant office and industrial properties in select markets to diversify risk and provide maximum returns for its capital partners. Utilizing its substantial in-house operational capabilities and extensive knowledge of targeted locations, Denholtz capitalizes on unique opportunities in the marketplace. Additional information for Denholtz Associates is available online at www.denholtzassociates.com.
Denholtz Associates is a privately held, fully integrated real estate development, investment and management company with more than 60 years of commercial real estate experience. Denholtz Associates actively targets multi-tenant office and industrial properties in select markets to diversify risk and provide maximum returns for its capital partners. Utilizing its substantial in-house operational capabilities and extensive knowledge of targeted locations, Denholtz capitalizes on unique opportunities in the marketplace. Additional information for Denholtz Associates is available online at www.denholtzassociates.com.
