CBRE Spearheads Orlando Industrial Sale
- Oct 07, 2020
CBRE has facilitated the $6.5 million sale of a 208,419-square-foot industrial property in Winter Garden, Fla. Executive Vice President David Murphy, First Vice President Monica Wonus and Associate Cameron Thomas assisted both parties in the all-cash transaction and the team was retained by the buyer to market and lease the property upon closing.
Located on 19 acres at 851 E. Maple St., the single-story facility was built in 1954 and expanded in 1997. Ultimate Realty acquired the asset from Crown Cork & Seal, which had owned the building since 1990, according to Yardi Matrix data. The property has an 8,000-square-foot office component, three grade-level and 10 dock-high doors.
The site is a short distance from State Road 429, which provides access to the Florida Turnpike. Other companies with a presence in the SR-429 industrial corridor include UPS and food importer Sysco. The facility is 15 miles west of downtown Orlando and 25 miles from Orlando International Airport.
In April, Ultimate Realty announced plans to convert Westgate Shopping Center, a 411,200-square-foot retail property in Macon, Ga., into an industrial park. The company will invest $12 million in the adaptive reuse project. Upon completion, the 395,000-square-foot development will consist of six buildings ranging from 19,000 to 106,000 square feet.