Cushman & Wakefield Negotiates Largest Multi-Tenant Industrial Portfolio Sale In Orlando History

Feb 20, 2017 No Comments by

Cushman & Wakefield has negotiated the sale of four Class A warehouse and distribution buildings totaling 946,379 square feet in Orlando’s Southwest Industrial Corridor.

According to Cushman & Wakefield research, this is the largest multi-tenant industrial portfolio transaction in Orlando history in terms of total square feet.

The Capital Markets team of Executive Managing Director Mike Davis, Senior Director Michael Lerner and Senior Director Rick Brugge represented a state pension fund advised by Dallas-based investor L&B Realty Advisors, LLP in the disposition. Los Angeles and New York-based investor Colony NorthStar acquired the assets for $67.1 million ($71 per square foot) through their Dallas-based industrial fund, Colony Industrial.

The four-building portfolio, one of the largest industrial portfolios ever offered for sale in Orlando, was comprised of Beachline Distribution Center I, Beachline Distribution Center II, Crossroads Business Park V and Crossroads Business Park VI. These front-load and cross-dock buildings were developed between 1997 and 2001 and feature tilt-wall construction, 26-foot to 30-foot clear heights, ESFR (Early Suppression, Fast Response) fire safety systems, ample parking and 120-foot to 150-foot truck courts with 55-foot concrete aprons.

The buildings were 100 percent occupied at the time of sale. The tenant roster includes credit-worthy global corporations such as FedEx Smartpost, Dusobox, McKesson, Mattress One, Petco and US Mattress Depot.

Beachline Distribution Center I and II are located at 2501 and 2507 Investor Row in the Orlando Central Park submarket. Crossroads Business Park V and VI are located at 401 and 501 Gills Drive in the Regency/Turnpike submarket. The buildings have unrivaled visibility from the Beachline Expressway (State Road 528) and are centrally located in two of Orlando’s largest industrial markets at the confluence of Interstate 4, Florida’s Turnpike and the Beachline Expressway. This location provides exceptional access to the Southeastern U.S.

 

“This transaction, along with Colony’s prior acquisition of LeeVista Business Center D, E and F (479,100 square feet) and CrownPointe I-IV (669,010 square feet) last year, enabled them to quickly add over 2 million square feet of premier industrial space to their existing Orlando portfolio,” said Lerner. “This has provided a dominant position within the red-hot Orlando industrial market.”

“Orlando remains a target market for investors due to its access to the Southeast,” added Davis. “At a time when eCommerce and shipping have come to the forefront of our economy, this market is viewed as a premier location for distribution throughout the region.”

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