Historic Orlando Building Sold for $1.365 Million
An iconic structure in Orlando has changed hands for the first time in over a decade. The building, located at 38 E. Pine St., was purchased by Outward Bound Land Company of Florida LLC, a group associated with Holston Properties & Development. The sale, which closed on November 27, 2023, was finalized for $1.365 million, according to records filed with Orange County.
The Building’s Legacy
Originally established as a bank in 1925, the three-story, 3,480-square-foot property has served various purposes throughout its nearly century-long history. However, it has not been designated as a historic landmark in Orlando. This building was previously owned by brothers Rob and Joe Nunziata, co-founders of FBC Mortgage, who acquired the property for $475,000 in 2012.
Renovations and Sale Process
During their ownership, the Nunziatas invested approximately $600,000 into renovations to transform the building. Their efforts resulted in a private club on the first floor, a residence on the second, and office space on the third. In August 2023, the property was listed for sale at $2 million. Despite not reaching the initial asking price, Rob Nunziata noted that selling the property was bittersweet. “There was a lot of sentimental value in it,” he stated, expressing satisfaction with the final selling price.
Market Context
The sale of the building comes amidst a flurry of transactions in the downtown Orlando area. In 2024 alone, 15 office buildings have sold, encompassing a total of 216,000 square feet, with the cumulative sales amounting to $22.2 million. This is a slight decline compared to 2023, which recorded 19 sales totaling $29.3 million for 188,950 square feet of space.
Current Office Market Conditions
The average asking rent for office space in downtown Orlando is currently set at $31.41 per square foot, reflecting a year-over-year increase of 1.6%. The vacancy rate for office space in the area stands at 12.6%, slightly above the wider metro rate of 9.5%. These market dynamics suggest a competitive real estate landscape as the Orlando economy continues to evolve.
Future for the Nunziatas
Even after this sale, the Nunziata brothers maintain a foothold in Orlando’s real estate scene. They still own multiple properties in the downtown area, including a notable four-story building at 1 W. Church St.. This location, well-known for its retail space, previously housed a Walgreens, although the store is now separately owned.
As the Orlando area experiences growth and change in its real estate market, this recent transaction illustrates the ongoing demand for both historic and modern commercial properties.
