JLL Brokers $36.5M Sale Of Orlando Industrial Park
The property comprises eight buildings situated on 20 acres and features 18- to 20-foot clear heights and rear-load capabilities.
The property comprises eight buildings situated on 20 acres and features 18- to 20-foot clear heights and rear-load capabilities.
Derek Riggelman of Lee & Associates represented the undisclosed seller in the $9.8 million transaction.
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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