Denver-Based AREIT Purchases $200M+ Of Orlando Industrial Properties
On the selling end were four different entities registered to New York-based Blackstone Inc. subsidiaries in New York and Chicago. All five sales took place Feb. 17.
On the selling end were four different entities registered to New York-based Blackstone Inc. subsidiaries in New York and Chicago. All five sales took place Feb. 17.
The buildings, built between 1968 and 1978, were sold after an intense bidding war at a notably strong cap rate, especially for older industrial assets, indicating that investor appetite is increasing in Florida’s secondary and tertiary markets.
Totaling 1.33 million square feet, the projects in Groveland and Ocala are both being developed on a speculative basis and will deliver in early 2023.
The two sites about 92 percent occupied.
The properties were 100% leased at the time of sale to Florida-based Richland Capital Holdings.
Infinity Properties is one of Florida’s top buyers for light industrial flex product, acquiring 27 buildings and over $75,000,000 worth of deals in 2021.
The proposed project include three buildings on vacant land on 234 acres at 4670 W. Orange Blossom Trail.
C.J. Easton and David Wilf, both acquisition principals with The Easton Group, sourced the deal and put it under contract.
The 75,000-square-foot property Includes 50,000 square feet of office space, warehouse and dock-high loading.
The lease marks the Wilmington, Delaware-based aviation parts and distribution company’s first location in Florida.
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