Ten Capital Management Acquires Orlando Industrial Park

The privately-held real estate investment firm, Ten Capital Management has acquired a 297,386-square-foot, five-property, flex-office and light industrial park in the Orlando suburb of Lake Mary, FL.

Ten Capital Management worked with Somerset Properties as a co-general partner on the transaction.

Situated in Technology Park, the park consists of industrial, warehouse and flex product.

The park is currently 87% leased to 16 different tenants, serving the healthcare, technology and business fields. Within the past 12 months, more than 91,000 square feet of space has been leased to new tenants.

The area’s office market is consistently outperforming the overall Orlando metropolitan area, with a current vacancy of 9.6%.

“Florida continues to demonstrate strong fundamentals,” states Paul DiSandro, partner and portfolio manager at Ten Capital Management. “Technology Park marks our third investment over the past 20 months in Florida, following our office acquisitions in Ft. Lauderdale and Jacksonville in 2020 and 2019, respectively. We anticipate continued strong demand for this property as well, due to its strategic location and its high degree of use flexibility for new and existing tenants.”

“The adoption of the hub-and-spoke model is real,” says Ben Adams, Ten Capital Management’s CEO. “We are seeing it manifest in our portfolio across multiple markets across the country. We are pleasantly surprised to see a significant increase in leasing activity in our suburban locations as we turn the corner towards people returning to work, innovation and social connectivity.”