Marriott is also scaling down or consolidating operations at its nine other distribution centers around the country, area brokers in a position to know tell GlobeSt.com. The other Florida center is at Port St. Lucie, FL on the state's southeast coast.

Area brokers tell GlobeSt.com on condition of anonymity Marriott has four years remaining at the Lake County park on a 10-year lease held by Orlando building owner Robert Mantovani. Mantovani has constructed some of the largest warehouses in Central Florida for national tenants.

Marriott bought the Lake County land in 1996 at the rock-bottom price of $141,000 or $14,100 per acre (32 cents per sf), according to Lake County real estate records.

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
NOT FOR REPRINT

© 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.