Principal Asset Management is adding a two-building industrial property to its portfolio, as reported by Orlando Business Journal.
The asset, located in Kissimmee, Florida at 5010 and 5030 Industrial Lane, is known as Osceola Logistics Center. One of the buildings spans 133,380 square feet, while the other comes out to 147,420 SF. That makes up a total of 280,800 SF.
The property consists of 48 off-dock trailer positions, 86 high dock doors, food storage, and freezer space.
InLight Real Estate Partners and Black Salmon Capital, under a partnership through Industrial Lane Kissimmee Propco LLC, sold the asset and was represented by Cushman & Wakefield. According to the CRE firm, the property is 100 percent leased to one tenant that provides food and grocery storage, as cited by Orlando Business Journal.
“Investor demand for this high-quality, single tenant, triple net lease asset was high, with multiple bidders competing to acquire the asset,” Mike Davis, executive vice chair at Cushman & Wakefield, said in a statement.
In Florida, retail retail sales growth has outpaced the national average, boding well for industrial demand. Volume reached about $3.24 billion in the first six months of the year in Florida, an increase of 35.8 percent year-over-year.
However, at least one industrial region in The Sunshine State has been struggling. That’s Tampa, which is located Southeast of Orlando — and currently in the crosshairs of Hurricane Milton. Net absorption in three months through June was just 600,000 square feet, down 75 percent year-over-year, a report from Savills Research found. Plus, vacancies leaped by 210 basis points to 7.1 percent.
As of March 2024, Principal Asset seeks investment opportunities in more than 80 markets and for over 1,100 institutional clients. Also, the Iowa-based firm manages $554.4 billion in assets. Earlier this year, Principal announced it received $2 billion in commitments through its direct lending unit.