Cushman & Wakefield Negotiates Record $48 Million Sale Of Orlando Business Center

Oct 31, 2016 No Comments by

Cushman & Wakefield has negotiated the $47.9 million sale of LeeVista Business Center, a 479,100-square-foot warehouse and distribution portfolio adjacent to Orlando International Airport. At $100 per square foot, the disposition achieved record per-square-foot pricing for an Orlando multi-tenant warehouse and distribution facility.

The Capital Markets brokerage team of Executive Director Mike Davis, Senior Director Michael Lerner and Senior Director Rick Brugge represented Atlanta-based McDonald Development Company in the disposition. The portfolio was acquired by Los Angeles-based Colony Capital.

LeeVista Business Center comprises three Class A, rear-load warehouse and distribution facilities developed between 2009 and 2016 on ±27.7 acres. The buildings feature best-in-class tilt-wall construction, glass and aluminum storefronts, 24-foot to 30-foot clear heights, ESFR fire suppression systems and 140-foot to 150-foot truck courts with 60-foot concrete aprons.

The portfolio is strategically located within LeeVista Center, a 1,900-acre mixed-use development adjacent to Orlando International Airport.

LeeVista Business Center was 84.4 percent leased at the time of sale. Notable tenants include global, credit-worthy firms such as Thales USA, ThyssenKrupp Industrial Services, Siemens Corporation, Carrier and DHL Global Mail.

“This portfolio had all the attributes that discerning investors covet including high-quality construction, credit tenants, limited near-term rollover and an outstanding location adjacent to Orlando International Airport,” said Lerner. “As a result, the offering was hotly contested, and our client was able to achieve premium pricing.”

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