Head-Turning Industrial Sale Closes in Orlando
- May 09, 2016
by Barbra Murray, Contributing Editor
Orlando, Fla.—CrownPointe I-IV, a 669,000-square-foot warehouse and distribution portfolio in Orlando, Fla., has come under new ownership in one of the largest ever sales transactions in the city’s industrial market. With the assistance of commercial real estate services Cushman & Wakefield, a state pension fund advised by Invesco Real Estate sold the four-building asset to Colony Capital Inc. for approximately $55.6 million.
Invesco had amassed the portfolio in two phases, acquiring CrownPointe I and II in 2003, and completing the bunch with the purchase of CrownPointe III and IV in 2006.
“The CrownPointe sale demonstrates the incredibly strong investor appetite for quality industrial product in Orlando,” Michael Lerner, senior director with Cushman & Wakefield, told Commercial Property Executive. “Moreover, the exceptional pricing we were able to achieve for our client on this transaction is likely to cause other Orlando industrial owners to put their assets on the market.”
The Class A collection of buildings, developed between 2000 and 2006, carries the address of 7312–7576 Kingspointe Parkway and boasts the all-important location factor. The portfolio sits on 40 acres within the CrownPointe Commerce Park in the city’s well-positioned Orlando Central Park submarket, where the remainder of the Sunshine State and the Southeast are easily accessible. In addition to a prime location, the group of industrial facilities is 94.5 percent occupied, with a tenant roster featuring a host of companies, including Mattress Firm, RaceTrac Petroleum, Beyond Logistics and Graebel Moving, which signed on for 96,000 square feet of warehouse space at CrownPointe II in 2014.
Cushman & Wakefield fielded more than a few offers. In a prepared statement, Lerner said, “The opportunity to acquire an industrial portfolio of this size and quality in Orlando is extremely rare and, as a result, investor interest was among the strongest I have seen in my 20 years in the business.”