Orlando-Area Warehouse Property Trades for $10M
- Oct 03, 2018
Monroe CommerCenter South, a five-building industrial/flex asset in Sanford, Fla., has changed hands for $9.6 million. CBRE closed the sale on behalf of Miami-based seller Monroe South RE. Charles Wayne Properties Inc. purchased the 8.5-acre asset that features a total of 116,500 rentable square feet.
Located at 627-655, 663-691, 703-739 Progress Way, 4141-4186 Incubator Court and 4140 Flex Court, the property consists of single-story, industrial warehouses, showrooms and flex buildings. Monroe CommerCenter South is currently 89 percent leased to tenants involved in various industries, such as services, construction and technology.
”The property’s close proximity to Interstate 4—Orlando’s main thoroughfare averaging more than 165,000 daily travelers—played a major role in presenting the offering to the investor community. The area’s strong entry barriers along with expected rent increase make Monroe CommerCenter South a remarkable investment opportunity,” said Ron Rogg, executive vice president at CBRE, in a prepared statement.
According to Moody’s Analytics, the Orlando market has led the country in job growth at 3.5 percent year-over-year. Employment growth is projected to average 2.1 percent a year through 2023, almost three times faster than the national average. “Selling Monroe CommerCenter South was a highly competitive process, which speaks to the strength of the industrial market and growing economy in central Florida,” Rogg added.
Built in 2003, Monroe CommerCenter South is one of five similar properties developed by Small Bay Partners and NAI Realvest throughout Central Florida that meet the need of industrial users requiring 2,000 to 20,000 square feet of space.
The buyer has been expanding its portfolio in the metro area. The company also owns Lake Mary’s Primera Court I & II, Altamonte Springs’ Sanlando Commerce Center and the University Court office building near the University of Central Florida. Charles Wayne Investment Management will handle asset and investment management at Monroe CommerCenter South, while a NAI Realvest team led by Principal Michael Heidrich will continue to handle leasing efforts for the new owner.
Recently, CBRE also worked on behalf of the seller in the disposition of a 95,446-square-foot building in Charlotte’s Twin Lakes Business Park.
Image courtesy of CBRE