CBRE’s Chris Riley represented TDC and a real estate fund advised by Crow Holdings Capital in the transaction.
The shell buildings sold for approximately $127 per square foot.
The state-of-the-art automated warehouse will introduce Kroger’s innovative shopping experience to central Florida, a new market for the nation’s largest grocery retailer, while also extending its reach and capabilities in online ordering and home delivery.
The 80-acre property is under contract.
Cushman & Wakefield’s Equity, Debt and Structured Finance team secured $102 million in acquisition financing through PIMCO on behalf of the buyers.
Colliers’ Joe Rossi and Nick Hanson brokered the transaction.
A hearing is scheduled for July 20 for the city of Orlando’s municipal planning board.
The company plans a ground up development of a multitenant industrial facility measuring approximately 200,000 and is beginning preconstruction leasing efforts for delivery in late 2022.
The financing for the initial phase will encompass the construction of 700,000 rentable square feet of logistics warehouse space, as well as the infrastructure costs for up to 2 million rentable square feet.
Brendon Dedekind has been hired as Senior Vice President for the new office, which will operate out of Orlando and develop in key markets throughout Central Florida.
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