Two warehouse properties in Osceola and Seminole Counties recently traded hands in separate transactions that combined for a price tag of $85.2 million.
The 280,800-square-foot Osceola Logistics Center at 1750 Industrial Ln. in Kissimmee sold for $54.6 million, while a three-building, 196,142-square-foot industrial center at 975-1175 Florida Central Parkway in Longwood traded in a $30.6 million transaction.
Ponte Vedra Beach-based InLight Real Estate Partners was the developer behind Osceola Logistics Center and sold the property to Kansas City, Missouri-based Principal Asset Management. InLight secured a $24.4 million construction loan from Pinnacle Bank in 2022 to finance the development of the industrial center, and construction wrapped up in Q4 of 2023. Engineering firm VHB helped with site planning and permitting for the project, which includes two dock-high, rear-loaded warehouse buildings consisting of 133,000 and 148,000 square feet.
Mike Davis, Rick Colon, and Rick Brugge of Cushman & Wakefield helped facilitate the sale. Jared Bonshire and David Perez of Cushman & Wakefield handled leasing for the property, which is now 100% occupied.
Representatives from Cushman & Wakefield, InLight Real Estate Partners, and Principal Asset Management weren’t immediately available for comment.
Meanwhile, a joint venture between Delray Beach-based Redfearn Capital and New York-basedTPG Angelo Gordon purchased an industrial center at 975-1175 Florida Central Parkway in Longwood. The seller was New York-based Eckstein Properties.
The property is fully leased with tenants including Bell Chem, Guitar Center, HornerXpress, Buy & Sell Fitness, MRI Depot, Industrial Laundry Services, Stanley Access Technologies, and Visual Eyes Eyewear, LLC. The three dock-high, rear-loaded buildings were built in 1990 on a roughly 18-acre property that offers about two acres of outdoor storage space.
Redfearn Capital predominantly invests in industrial assets and currently owns two other properties in the Orlando market including a 48,054-square-foot warehouse building at 940 Williston Park Point in Lake Mary and a 40,000-square-foot warehouse building at 5340 Young Pine Rd. in Orlando.
“We are proud to expand our presence in the Orlando market, where we see substantial potential for value creation,” said Alex Redfearn, Founder and CEO of Redfearn Capital, in a press release. “As we continue to grow our portfolio across key industrial hubs in the Southeast, this acquisition strengthens our position in one of Florida’s most competitive submarkets and offers the opportunity to unlock value through operational improvements.”
The largest industrial transaction in the Orlando market this year occurred in June when Irvine, CA-based LBA Logistics purchased the Lee Vista Business Center for $120 million from New York-based Link Logistics, a subsidiary of investment management company Blackstone. The transaction included 635,684 square feet of warehouse, office, and distribution space spread out over four buildings.
Earlier this month, Orlando-based Banner Property Group sold an industrial cold-storage facility to Boca Raton-based IP Capital Partners for $40.8 million. The 149,000-square-foot facility is located at 2292 W. Sand Lake Road in Orlando.
The Hunt family, which owned the Hunt Industrial Park in Groveland, sold the 200,000-square-foot park in January for $28 million to Miami-based Midtown Capital Partners.
In March, Los Angeles-based Standard Real Estate Investments announced that they purchased equity in a planned, approximately 700,000-square-foot industrial park in Apopka. The first phase of the industrial project, which is being developed by Dallas-based Trammell Crow Company is expected to be completed in Q1 of next year.
In April, Birmingham, Alabama-based Haber Management Corporation purchased the five-building Cypress Park, located at 9500-9901 Satellite Blvd., for $40.5 million from NYC-based Investcorp. A few weeks after that transaction, Investcorp sold the Silver Star Commerce Center at 3600 Silver Star Rd. to a partnership between New Jersey-based Denholtz Properties and Boston-based Long Wharf Capital for $36.5 million.
Additionally, LaSalle Investment Management, a subsidiary of Chicago-based JLL, purchased a pair of industrial buildings in the International Corporate Park located within the boundaries of the Sunbridge master-planned community. The transaction, which took place in July, involved 262,200 square feet of warehouse and distribution space located on 16.5 acres at 8673 and 8679 Transport Drive just south of the Beachline Expressway. Los Angeles-based Oaktree Capital Management was the seller.
From the original article on Growth Spotter
