Cushman & Wakefield Negotiates Historic Orlando Industrial Sale

May 05, 2016 No Comments by

Cushman & Wakefield announced that it has represented a state pension fund advised by Invesco Real Estate in the sale of CrownPointe I-IV, one of the largest industrial sales in Orlando’s history.

Executive Director Mike Davis, Senior Director Michael Lerner and Senior Director Rick Brugge represented Invesco in the disposition of the 669,010-square-foot warehouse and distribution portfolio in the Orlando Central Park (OCP) submarket.

Colony Capital, Inc. was the buyer.

CrownPointe I-IV is a four-building, Class A portfolio built between 2000 and 2006 on a ±40-acre parcel in Orlando’s CrownPointe Commerce Park. The buildings, located at 7312–7576 Kingspointe Parkway, feature tilt wall construction, 24- to 30-foot clear heights, ESFR fire protection, a parking ratio of 1.5 spaces per 1,000 rentable square feet, and 115- to 120-foot truck courts with 55-foot concrete aprons. CrownPointe I-IV’s proximity to Interstate 4, Florida’s Turnpike and the Beachline Expressway provides convenient distribution to all parts of Florida and the Southeast.

The portfolio was 94.5 percent leased at the time of sale. Notable tenants include Mattress Firm, Wilsonart, Graebel, Fisher & Paykel, RaceTrac Petroleum and Beyond Logistics.

 

“The opportunity to acquire an industrial portfolio of this size and quality in Orlando is extremely rare and, as a result, investor interest was among the strongest I have seen in my 20 years in the business,” said Lerner.

Cushman & Wakefield research indicates the Orlando industrial market has witnessed a dramatic decrease in vacancy while rents continue to climb in the tightening market.

 

“Direct asking rental rates trended upwards in the first three months and were at their highest point since 2009, up an outstanding 16.1 percent in the last four years,” wrote Florida Research Manager Chris Owen in the firm’s recently released 1Q 2016 Orlando Industrial MarketBeat Report. “As tenant demand remained high in the first quarter, landlords in several submarkets grew more confident in raising rents, even if only marginally. Asking rents in Orlando Central Park, the largest submarket in Orlando, continued to push higher, up 6.2 percent year-over-year to $7.73 per square foot. The expectation during the first quarter was that the new space coming to market will have an appreciative effect on rents as the new availabilities will have higher asking rental rates.”

 

“With steady increases over the past 12 months, leasing activity increased 13.9 percent from the first quarter of 2015, with the bulk of deal activity in warehouse and distribution space,” Owen continued. “Additionally, four submarkets – Airport/Lake Nona, Regency/Turnpike, OCP and Silver Star/Apopka – accounted for over three-fourths of all leasing activity in the first quarter.”

————————

Get the latest industry news and information from CRE-sources delivered right to your email inbox!

Click Here To Subscribe Today!

Go Ahead...Share!
  • email
  • Facebook
  • LinkedIn
  • Twitter
  • Add to favorites
  • Print
Industrial, Industry News, NA
No Responses to “Cushman & Wakefield Negotiates Historic Orlando Industrial Sale”

Leave a Reply