Multi-Tenant Distribution Facility Trades for $48M in Orlando
- Oct 28, 2016
Orlando—Cushman & Wakefield has negotiated the sale of LeeVista Business Center, a 479,100-square-foot warehouse and distribution center adjacent to Orlando International Airport. The property traded for $47.9 million, or $100-per-square-foot, achieving record pricing for an Orlando multi-tenant warehouse and distribution facility.
The Capital Markets brokerage team of Executive Director Mike Davis and Senior Directors Michael Lerner and Rick Brugge represented Atlanta-based seller McDonald Development Co. in the disposition. LeeVista Business Center was acquired by Los Angeles-based Colony Capital.
The property comprises three Class A, rear-load warehouse and distribution facilities developed between 2009 and 2016 on approximately 27.7 acres. The buildings feature tilt-wall construction, glass and aluminum storefronts, 24-foot to 30-foot clear heights, ESFR fire suppression systems and 140-foot to 150-foot truck courts with 60-foot concrete aprons.
The assets are strategically located within LeeVista Center, a 1,900-acre mixed-use development, a few miles from the region’s major distribution routes, including the Beachline Expressway (SR 528), Interstate 4, Florida’s Turnpike and the Central Florida GreeneWay (SR 417). These roads provide convenient access to the Southeast U.S. and Interstate 75 and Interstate 95, respectively.
LeeVista Business Center was 84.4 percent leased at the time of sale. Notable tenants include global, firms such as Thales USA, ThyssenKrupp Industrial Services, Siemens Corporation, Carrier and DHL Global Mail.
“This portfolio had all the attributes that discerning investors covet including high-quality construction, credit tenants, limited near-term rollover and an outstanding location adjacent to Orlando International Airport,” said Lerner in a prepared statement. “As a result, the offering was hotly contested, and our client was able to achieve premium pricing.”
Photo courtesy of Cushman & Wakefield