714,000-SF Single-Tenant Industrial Asset Trades

Mar 11, 2020 No Comments by

Cushman & Wakefield has negotiated the sale of a 713,585-square-foot, single-tenant industrial asset in Orlando.

The distribution center is fully leased to CVS, the largest pharmacy healthcare provider in the country, which serves nearly 500 stores in Central and North Florida as well as Puerto Rico from this location.

The seller is a Closed Ended Fund owned by a Spanish family office and managed by EXAN Capital, an independent real estate fund manager. The buyer is PBV Logistics Center, LLC, an affiliate company of Tratt Properties, a Phoenix-based firm focused on the acquisition and development of logistics properties.

The Cushman Wakefield team of Vice Chairman Mike Davis, Executive Director Wayne Ramoski, Executive Managing Director Rick Brugge, Director Rick Colon, Senior Director Jared Bonshire and Senior Director David Perez, represented the seller in the disposition. Analysts Mark Hardee and Zach Eicholtz provided financial analysis.

The deal closed February 26. The sale price was not disclosed. Liberty Property LLP last sold the asset in November 2015 for $35,500,000.

Located at 8201 Chancellor Drive, the distribution center sits on 43 acres within Orlando’s high-demand Orlando Central Park Submarket. According to Cushman & Wakefield research, the submarket captured 24% of all industrial leasing activity in Orlando in 2019 and finished the year a with a vacancy rate of 4.8%.

The central location offers convenient access to Florida’s Turnpike, Interstate 4, and the Beachline Expressway, as well as a number of other roadways that provide connectivity throughout the region. Built in 1975, the single-story property features 24- to 35-foot clear height ceilings, 97 dock positions, approximately 500 car parking spaces and 429 trailer parking spaces

 

“This is an exceptional in-fill industrial opportunity in the heart of Orlando’s premier industrial submarket, Orlando Central Park,” said Davis.

 

“Increasingly healthy fundamentals in the Orlando industrial market paired with a national credit tenant drove strong investor interest in this property,” added Colon.

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