Happy Wednesday, Orlando. Looks like we’ll see another rainy one today, with showers in the morning leading into scattered t-storms in the afternoon. Highs will be around 92. Here’s what’s on deck:

• Basis Industrial Completes $25M Office Park Deal in South Orlando

• UCF Receives $10M Pledge from Alum Kenneth Dixon

Let’s dive in.

REAL ESTATE

Basis Industrial Completes $25M Office Park Deal in South Orlando

Driving the news: Basis Industrial, a Boca Raton-based firm, acquired Lakefront I & II, a 192,654-square-foot office and industrial park in Orlando, for $25 million. The purchase includes four single-story buildings used for light industrial, warehouse, office space, and showrooms.

Why it matters: The acquisition highlights the growing interest in Orlando's industrial real estate market. Basis Industrial's investment marks a significant jump from the $16.7 million the previous owner paid in 2017.

The details:

• The sale, brokered by CBRE’s Ronald Rogg, was finalized on June 18th.

• The complex, located on Chancellor Drive near John Young Parkway, is currently 84% occupied.

• Tenants include Jaycon, Rotech Healthcare, and Inktel Contact Center Solutions.

What’s next: Basis plans to invest around $3 million in improvements, such as exteriors and roofing. The firm, which already owns nearly 2 million square feet in Orlando, aims to expand to 3 million square feet in the metro area within the next two to three years, with two more property acquisitions expected by year-end.

The big picture: Orlando's industrial market absorbed 783,625 square feet in Q1 2024, with rents at $8.45 per square foot, slightly down from $8.50 at the end of 2023. Basis Industrial’s aggressive expansion reflects the region’s burgeoning potential and underscores Orlando’s appeal as an investment hotspot.

Read more here (Orlando Business Journal)

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EDUCATION

UCF Receives $10M Pledge from Alum Kenneth Dixon

What’s Happening: UCF alum Kenneth Dixon has pledged $10 million to his alma mater, earmarking funds for career services and athletics. The contribution aims to bolster student success and enhance the university's competitive edge in athletics.

Use of Funds:

• Career Development: Dixon, a 1975 graduate and CEO of Leland Enterprises, Inc., is donating $5 million to support the Kenneth G. Dixon Career Development Center, which connects students with employers through recruitment events, resume building, and mock interviews.

• Athletics Boost: Another $5 million is directed towards UCF's athletics department to support the Mission XII project, aiding the school's transition into the Big 12. This will upgrade the Kenneth G. Dixon Athletics Village, which provides facilities and programs for student-athletes.

Dixon's Vision: "My UCF education prepared me for a successful career in business. It is with great pride that I invest in President Cartwright’s priority to help our students succeed by graduating, landing gainful employment, and fueling our region’s human capital needs.”

Acknowledgment: In recognition of his extensive support, including over $15 million in total donations, UCF's Board of Trustees has renamed North Orion Boulevard to Ken Dixon Way.

Read more here (Orlando Sentinel)

QUICK HITS

In Other News…

1. The Florida Panthers and Tampa Bay Lightning will face off in Orlando this upcoming preseason.

2. An Orlando 7-Eleven sold a $127K lottery ticket.

3. Here’s how to celebrate the Fourth of July at Orlando’s parks, according to Orlando Weekly.

Thanks for tuning in to today’s edition of the newsletter. See you back here tomorrow.

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