Jaffee Assisted Proequity LLC and Auer Enterprises, LLC in Securing New Leases with Community Coordinated Care for Children, Inc. and Marruci Clubhouse
The Senior Associate of Brokerage Services in Cushman & Wakefield’s Orlando office is carving out a niche in the local market advising owners on how to creatively repurpose existing assets for new uses and users while maximizing value. Recently, Jaffee has helped repurpose a former correctional facility into a school and an aging warehouse into a state-of-the-art, world-class baseball training facility.
In June, Jaffee represented Orlando-based owner Proequity LLC in the lease of 644 Ferguson Dr., a ±28,000-square-foot commercial building located just west of downtown Orlando that had formerly housed back-office banking operations, a juvenile detention center and, most recently, an 82-bed minimum security correctional facility.
The new tenant, Community Coordinated Care for Children, Inc. (4C), leased ±19,000 at 644 Ferguson Dr. where it will provide educational opportunities in the building, primarily for children under the age of three. 4C is a non-profit that coordinates services for families and children throughout Central Florida.
4C plans over $500,000 in improvements at 644 Ferguson Dr., including adding multiple classrooms for up to 150 students, restrooms, playgrounds and staff offices. The facility is expected to open this month. The new facility is located immediately south of 4C’s Orange County administrative offices at 3500 W. Colonial Dr.
“This was an ideal location for 4C’s educational facility,” said Jaffee, who has been retained by Proequity LLC to lease the remaining ±9,000 square feet at 644 Ferguson Dr. “The building’s unique layout offered incredible flexibility for the multitude of services offered therein, and the property’s proximity to 4C’s administrative offices as well as the Orlando CBD will provide exceptional opportunities to extend much-needed supportive services for the children of Orlando’s workforce.”
The building was originally developed in 1971 on a ±3.5-acre site in Seminole County and formerly housed family run Kellyco Metal Detectors for nearly five decades. The family recently sold the business and enlisted Jaffee’s assistance in repurposing the structure, which it still owns.
Jaffee was able to secure a full-building, long-term lease with Marucci Clubhouse, a baseball training franchise affiliated with Baton Rouge, LA-based baseball equipment manufacturer and retailer Marucci Sports and Scorpions Baseball. The Marucci Clubhouse and Scorpions Baseball program has produced more than 30 major leaguers and has eight existing and planned Marucci Clubhouse locations in Florida, Louisiana, Texas and Nevada.
Marucci Clubhouse completely renovated 1085 Belle Ave. at a cost exceeding $600,000. The property was rezoned, and existing storage, showroom and office space was converted into a state-of-the-art, climate-controlled training facility featuring a showroom for Marucci Sports’ products and a mezzanine observation deck and waiting area. The facility opened in October.
“This warehouse serves as a great example of how repurposing existing properties and thinking outside the box can benefit all parties,” said Jaffee. “Ownership has maintained a revenue-producing asset; Marruci Clubhouse has secured a great facility in a wonderful location at costs far below new development; and Central Florida can now claim itself as home to one of the premier baseball training facilities in the world.”
Jaffee’s 27 years of commercial real estate experience have provided him with the unique ability to work seamlessly with investors, municipalities and various regulatory agencies while navigating the complexities of entitlements, planning and zoning, annexation/de-annexation and comprehensive plan amendments.
“These repurposing deals can be incredibly complicated because, often times, the existing use has become functionally obsolete,” said Jaffee. “But if you have the right advisor on your side and a little vision, you can overcome these hurdles and find tremendous value where others can’t or won’t.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Glen Jaffee Headshot
644 Ferguson Drive Before Photo
644 Ferguson Drive After Photo
1085 Belle Avenue Exterior Photo – Before
1085 Belle Avenue Exterior Photo – After
1085 Belle Avenue Interior Photo – Before
1085 Belle Avenue Interior Photo – After