BBX Logistics Properties, FRP Development Corp Announce Plan To Develop Over 200,000 SF Logistics Park
The initial phase of construction is expected to commence in the fourth quarter of 2024 with completion and occupancy anticipated in 2025.
The initial phase of construction is expected to commence in the fourth quarter of 2024 with completion and occupancy anticipated in 2025.
Basis President/COO Anthony Scavo and Head of Acquisitions Ahmad Elayyan represented the company in the off-market transaction.
Located at 444 Hermit Smith Rd. on a 79-acre industrial site in the Apopka submarket of Orlando, the project will be developed by developer Trammell Crow Company and include three buildings. The first phase of Apopka Business Center is expected to be completed in 1Q 2025.
The 200,000-square-foot park, which is made up of several small bay industrial buildings, is fully occupied.
As an integral part of this initiative, Brennan will undertake construction of a 249,600 square foot expansion on the adjoining 18-acre parcel of land, resulting in a combined square footage of 493,250.
Jay Ziv, Michael Fay, John Crotty, David Duckworth, Brian de la Fé and Greg Morrison of Avison Young marketed and brokered the sale on behalf of the seller.
John Gosnell of Strategic Real Estate Partners represented the sole tenant in the lease deal. Clay Witherspoon of Avison Young representing MDH Partners.
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The acquired portfolio comprises three distinct business parks situated in Altamonte Springs.
EML Realty Partners bought and sold over 15 properties in 2023 with a combined value of $60 million.
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