CVS Distribution Center in Orlando Trades for $41M

ORLANDO, FL—PBV Logistics Center, an affiliate of Phoenix-based Tratt Properties, has purchased a multi-building distribution center here for $41.2 million. Located in the heart of the metro Orlando market, the property is fully occupied under a long-term lease to CVS Health Corp. and serves as a key distribution point for the retail and pharmacy leader’s Florida supply chain.

Cushman & Wakefield Vice Chairman Mike Davis represented both PBV and the CVS building seller, Alegra Orlando, in the transaction.

PBV purchased the CVS asset in a 1031 exchange following its disposition last month of a 526,320-square-foot industrial property in Winston-Salem, NC. The North Carolina building, which was purchased by Griffin Capital Essential Asset REIT for $34.9 million, is fully occupied by Pepsi Bottling Ventures under a long-term, NNN lease.

The original warehouse, at 239,500 square feet, was constructed in 1975. Additions were made in 1980 and 2000. A major modification was also completed in 1993.

Totaling 713,585 square feet on 42.96 acres today, the Orlando CVS distribution center consists of a main building with 685,007 square feet of warehouse space and 16,650 square feet of office space, as well as 11,928 square feet of auxiliary buildings.

There are 35-foot clear height, 97 loading doors with dock levelers, 350-foot truck courts, the ability to park 505 cars and 429 trailers, and the potential for future rail service.

There are more than 860 CVS stores in the Florida market. Overall, CVS operates more than 9,900 retail locations in the U.S., District of Columbia and Puerto Rico.

PBV purchased the CVS asset in a 1031 exchange following its disposition last month of a 526,320-square-foot industrial property in Winston-Salem, NC. The North Carolina building, which was purchased by Griffin Capital Essential Asset REIT for $34.9 million, is fully occupied by Pepsi Bottling Ventures under a long-term, NNN lease.

“Tratt Properties continues to move forward with development and acquisition activities for transactions that were in the pipeline before the COVID-19 pandemic caused temporary market disruption,” David Mannion, executive managing director of Tratt Properties, tells GlobeSt.com.

“Fortunately, we were far enough along with our very supportive relationship lenders and were able to continue funding our deals. We benefited from construction services in Arizona meeting the definition of Governor (Doug) Ducey’s ‘essential operations’ pursuant to his executive order, so have been fortunate enough to continue building Elwood Logistics Center, a 1.3 million-square-foot Class A industrial asset in Goodyear, Arizona.”