JLL Brokers Sale of 45-Acre Orlando Site
- Aug 24, 2017
JLL closed on an $8.4 million sale of 45.2 acres of land at the Air Commerce Business Park, a prime industrial park in the heart of southern Orlando, Fla. Exeter Property Group purchased the parcel from Brian Mulvaney, managing member at Bogey Boggy Creek 08 LLC. The new ownership seeks to supply new industrial space to meet the recent demand in Orlando’s Airport submarket.
Located at the intersection of Tradeport Drive and Taft Vineland Road, Air Commerce Business Park is within minutes of the Orlando International Airport and provides direct access to the Beachline Expressway and Florida Turnpike. The asset is also in close proximity to air and ground distribution facilities for companies such as FedEx and UPS.
Prime industrial market
Orlando’s industrial market is prime for investment since many buildings are leasing up in a peaking market, according to a second-quarter 2017 JLL industrial report. Investors are becoming more active and helping to fuel the growth, financing numerous build-to-suit deals and new speculative development. Since 2013, vacancy for industrial assets in the metro has dropped from 9.5 percent to 5.7 percent. Roughly 850,000 square feet of industrial projects are currently underway.
“As the industrial market in Central Florida continues to thrive, there is even more competition amongst national developers and REITs seeking to acquire well-located assets in the market. Exeter has been one of the more aggressive investors in Orlando this past year, successfully acquiring two warehouse buildings totaling 513,000 square feet. With this latest purchase of 45 acres, we anticipate seeing speculative construction within a year in the form of a single, large cross-dock distribution center in the range of 400,000 to 500,000 square feet,” said JLL Vice President Josh Lipoff, in a prepared statement.
Lipoff and Executive Vice President Joe Hills represented the buyer in this transaction.
Image courtesy of JLL