First Industrial Grows Portfolio With Orlando Buy
- Nov 20, 2019
First Industrial Realty Trust has acquired 770 Gills Drive, a 54,000-square-foot industrial building in Orlando, Fla. Whitely Capital sold the Class A property for $6.3 million.
Located in the Southeast Orange submarket at 770 Gills Drive, the warehouse was completed in 2018 by Kelsey Construction. The facility is 10 miles west of Orlando International Airport and approximately 7 miles east of the Orange County Convention Center. Situated on 3.7 acres, the building is between Florida’s Turnpike and the Beachline Expressway.
JLL negotiated the deal on behalf of the buyer. Executive Vice President Josh Lipoff and Senior Vice President Mike Borling worked with First Industrial’s Senior Regional Director Chris Willson and Investment Officer Brad Kluever.
Speaking at the recent Avison Young U.S. Industrial Summit, First Industrial CIO & Co-Founder Jojo Yap shared how the company’s investments have shifted toward port cities due to the potential for higher rental rates. About 20 percent of the firm’s portfolio is now in Southern California. In line with this strategy, First Industrial paid $7.3 million for a 40,831-square-foot facility in Carlsbad, Calif., in August.