Industrial Park Sale Marks Largest Industrial Transaction In Orlando Market This Year, Tops All Industrial Transactions From 2023

LBA Logistics, based in Irvine, California, recently paid $120 million to New York-based Link Logistics, a subsidiary of Blackstone, an investment management company, for the Lee Vista Business Center in Orlando.

Situated off Emerald Dunes Drive, the 81-acre business park comprises four buildings that total 635,684 square feet of warehouse, office, and distribution space. Phase 1 was completed in 2009 by developer McDonald Development, which is comprised of two buildings totaling 333,300 square feet. A second 145,800-square-foot building was finished by the developer in 2015 as part of the property’s second phase. Link Logistics paid $47.89 million for the three existing buildings a year later.

The 159,885-square-foot building that makes up the third phase of the industrial park was delivered by McDonald in 2018. Link Logistics invested approximately $63.4 million in total when they closed on the last building in 2019 for $15.5 million.

Three pieces of land are available for future phases, which could result in the delivery of an additional 294,400 square feet of office and warehouse distribution capabilities over three buildings, according to the McDonald website. But the business hasn’t yet given Orange County its intentions or an application for those parcels.

William “Bo” Bradford and Tim Perry of the Central Florida office of Lee & Associates handle leasing for the property.

The sale is by far the largest industrial transaction in the Orlando market so far this year and also tops all of the market’s industrial transactions from last year.

Source:  GrowthSpotter