430,000 SF of Industrial Sales Kicks Off 2003

ORLANDO-With a 15% vacancy level and about 1.3 million sf of vacant sublease space, metro Orlando’s 31-million-sf industrial real estate market is hard pressed to set sales or leasing records as the new year begins, brokers tell GlobeSt.com.

Four small deals set the tone for a possible pattern in the first quarter of 2003. In the largest of the transactions, CB Richard Ellis Inc. broker David Murphy closed a $5 million, 366,000-sf deal at the former 11-building van conversion headquarters of Mark VIII near Ocala, FL. Hydra Spa Inc. of Clearwater, FL purchased the property for about $13.66 per sf.

In other transactions, the Carvalho Family Trust bought a 43,748-sf warehouse at 1333 Pine Ave., Orlando, from Parrot Development Inc. for $1.75 million, or $40 per sf. Chuck McNulty of the McNulty Group negotiated for the seller.