New York-based Lend Lease Real Estate Investments Inc., owner of the 15-year-old, 90.6%-leased property, picked Crow over Cushman & Wakefield of Florida Inc., CB Richard Ellis Inc. and Grubb & Ellis Co. Lend Lease purchased the asset from Duke Realty Corp. in early 2001 for $19.5 million or $61.05 per sf. Duke had leased and managed the property itself.
The property, near the intersection of Sand Lake Road and Orange Blossom Trail, is considered one of the top industrial/flex parks in metro Orlando. Key tenants are DHL Worldwide, Federal Express, UPS and Daimler Chrysler. Quoted asking rental rates are $6.25 per sf to $7.25 per sf, triple net.
Gregg Ickes, a Crow industrial associate, heads the leasing team. Paul B. Strader and Nancy Goldenberg, Crow's vice presidents/property management; associate John McRae and Ickes negotiated the contract with Lend Lease.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.