Minneapolis-based Opus-South Corp. purchases 11.56 acres in south Orlando's 178-acre Crownpointe Commerce Park for $1.56 million or $134,988 per acre ($3.10 per sf). The developer plans to break ground this month at the Sand Lake Road site on a spec 203,125-sf cross-dock warehouse, even though the vacancy level in metro Orlando's 85.9 million-sf industrial inventory is 12.1%, according to Cushman & Wakefield of Florida Inc.
Orlando-based SDE Logistics Inc. is leasing a 201,600-sf warehouse at 7575 Chancellor Drive in Orlando Central Park for five years at an estimated aggregate rent of $3.02 million. Rebman Property president Roger Rebman represented SDE. John McRae and Gregg Ickes of Trammell Crow Co.'s Orlando office negotiated for warehouse owner CH-VAF Orlando Joint Venture.
In Rebman Properties' three other deals, Norbert Trading Co. purchased 3.55 acres in Crownpointe for $774,497 or $218,168 per acre ($5 per sf). Nelsen represented the park's owner, Crownpointe Commerce Park Ltd. Ray Veloso of Moore Management Co. negotiated for the buyer.
Squire Holdings LLC paid William and Nancy Baker $700,000 or $45.75 per sf for a 15,300-sf building on three acres at 1583 Central Florida Parkway. Richard T. Davis Jr. and Greg Rebman of Rebman Properties negotiated for the buyers.
Davis and Rebman teamed up again to represent Masco contractor Services Central Inc., leasing 22,500 sf of office and warehouse space at Monroe Commerce Center South. Michael Heidrich of NAI Realvest Partners negotiated for property owner Small Bay Partners LLC of Maitland, FL.
Rebman Properties has tracked trends and monitored Central Florida's industrial real estate pulse for the last 30 years. "It is very apparent that all of the intown industrial parks are being absorbed rapidly," Rebman senior vice president Lyle N. Nelsen tells GlobeSt.com. "One year from now or soon thereafter, there could be no entitled and developed industrial land parcels available. The exceptions to that may be Airport International Park at Orlando and Lee Vista (industrial park), but they too could be low on inventory in one year."
Even at Crownpointe Commerce Park, where Rebman Properties is the exclusive broker, there is only 28 acres available for sale out of a total 178 acres. "By the end of this year, we could (also) be sold out in Crownpointe," Nelsen says.
After that occurs, the broker anticipates a new trend to surface. "We envision new industrial parks like Crownpointe being developed on the edges of Orlando on the Beltway," Nelsen tells GlobeSt.com. "For developers with vision, we are working on and can identify two significant industrial parks--one on the Eastern Beltway (State Road 417) and the other on the new Western Beltway (State Road 429) where the industrial action is going to be."
Current pricing for full developed and entitled industrial land within an industrial park, with off-site retention, is $3 to $ per sf, for five to 10-acre parcels, and $5 to $5.50 per sf for one to four-acre parcels.
"We are optimistic that 2004 is going to be a very active industrial land market," Nelsen tells GlobeSt.com. "There is a pent-up demand for developed entitled land in the in town area now and this demand is only going to increase as we move into 2004."
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