(Carl Cronan is editor of Real Estate Florida.)
ORLANDO-Industrial Developments International Inc. has acquired two class A industrial buildings totaling 255,500 square feet at CrownPointe Commerce Park from McDonald Development Corp. for $17.2 million, or $67 per square foot. The transaction is the first industrial investment sale of the year in Central Florida, according to Cushman & Wakefield.
The two distribution buildings, at 7272 and 7320 Kingspointe Parkway, are among 24 structures totaling 2.1 million square feet at CrownPointe, in Orlando's southwest submarket. Both buildings are roughly 70% occupied.
CrownPointe's buildings offer key amenities being sought by industrial tenants, says Greg Ryan, vice president and director of acquisitions for Atlanta-based IDI. He adds that the buildings are approximately a mile away from Interstate 4 and Florida's Turnpike, two crucial distribution corridors, and are also convenient to Orlando International Airport. "With fewer buyers in the market right now, we feel like they are a great value," Ryan tells GlobeSt.com.
This marks IDI's first acquisition in the Orlando market, although the company is planning one or two industrial buildings with 350,000 square feet each at Lakeview Distribution Center in nearby Groveland. IDI is also developing more than 600,000 square feet of warehouse space at Madison Business Center and 301 Business Center, both in Tampa.
The sale of the CrownPointe buildings demonstrates that investment deals can still be completed despite ongoing weakness in the capital markets, according to Mike Davis, executive director at Cushman & Wakefield's Tampa office. "Investment demand continues for well-located quality assets," says Davis, who was assisted in the sale by brokers Rick Brugge, Lee Morris and Jared Bonshire.
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