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ORLANDO-Sanford Partners, LLC has purchased a 165,000-sf multi-tenant warehouse in Sanford from Codisco, Inc. in an $8-million deal. The industrial asset is located at 511-531 Codisco Way.
The facility, built in 1986, is on 20 acres. The final deal also included an additional seven acres that were not part of the initial offering, William Bradford, senior director of GVA Advantis Orlando, tells GlobeSt.com. Bradford and Tom McFadden, senior director with GVA Advantis, brokered the deal for Sanford Partners. Codisco was repped by Dale Clemens of Clemens Commercial.
The building is currently occupied by Coastline Distribution and a utility equipment company. The new owner plans to move into vacant space at the site, approximately 80,000-sf, to bring the asset to 100% occupancy, Bradford says. In addition, Sanford Partners has structured a five-year ground lease with an environmental services company for the seven-acre property, he adds.
"This was a good buy," Bradford tells GlobeSt.com of the $48.68-per-sf deal. He adds the property was on the market for about eight months, which was not considered a long time when it hit the market. "Today, for this size building, it would be on the market less time but eight months is normal for when it hit the market."
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