JLL Brokers $7 Million Sale Of Industrial Facility In Orlando

Apr 17, 2017 No Comments by

JLL announced today that the firm has closed on the $7 million sale of 2304 West Taft Vineland Road, a 75,600-sqaure-foot, Class A warehouse building located within Liberty Park at AIPO, considered one of Central Florida’s premier industrial business parks. The facility spreads over four acres and is strategically situated next to the Orlando International Airport.

JLL Managing Director Christopher Lawrence, Senior Vice President Joe Hills and Vice President Josh Lipoff  represented the buyer, a publicly-traded service company on the NYSE. The seller, STIHL Southeast, was represented by Steven Whitely of Whitley Capital. The seller had previously used the facility as its Florida distribution center for STIHL’s outdoor power equipment.

 

“This real estate transaction is a great indicator of the continued strengthening of Central Florida’s industrial market,” said JLL’s Joe Hills.  “This high-quality warehouse facility is the perfect fit to accommodate the buyer’s growing operations in Orlando and throughout the state.”

Liberty Park at AIPO is an ideal location for companies that require distribution, manufacturing and office space. The industrial business park is adjacent to the Orlando International Airport and offers easy access to the Florida Turnpike, I-4, Beach Line Expressway and GreeneWay Expressway. The premier industrial park is home to major brands that include Chrysler, Caterpillar, Budweiser, Goya, Tire Kingdom and Staples.

 

“Class A warehouse buildings are commanding a premium price due to the high demand the Central Florida industrial market is experiencing,” said JLL’s Josh Lipoff. “That said, with over 1 million square feet of new industrial space currently under construction and set to deliver in southern Orlando by the end of this year, the dynamics may begin to shift from a landlord’s market to a more tenant-favorable market by the closing of 2017.”

JLL’s Industrial Insight report also predicts a possible market shift to tenant-favorable conditions. Several multi-building developments have recently broken ground including Bent Oak Industrial Park and the Crews Commerce Center, which will total over 2 million square feet of new industrial space added to the market. On top of these substantial developments, the report indicates there are numerous others set to deliver within the year. The delivery of additional industrial space will offer an array of options for mid-sized occupiers in search of space.

 

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