Cushman & Wakefield has arranged the sale of Florida Keystone Distribution Center, a 1.93 million-square-foot warehouse located in Ocala.
The final sale price was $126.5 million.
Cushman & Wakefield’s Mike Davis, Adam Spies, Rick Brugge, Rick Colon, Kevin Donner and Dominic Montazemi, with assistance by Zach Eicholtz and Brooke Tulley, represented the seller, Reich Brothers.
Additionally, Jason Hochman, Brian Linnihan, Michael Ryan, and Ron Granite of Cushman & Wakefield’s Equity, Debt and Structured Finance team secured $102 million in acquisition financing through PIMCO on behalf of the buyers, IP Capital Partners and Torchlight Investors.
“Ocala has emerged as one of the premier statewide distribution locations for Florida,” Davis said. “This property, which is 100% leased, has significantly below market rents providing the investor future upside upon rollover.”
Florida Keystone Distribution Center is strategically located at 655 SW 52nd Avenue near the Interstate 75/Highway 40 interchange and Ocala International Airport. It is the largest industrial warehouse in the state and is fully leased to Costco-Innovel and Transformco. The property includes 36’ clear height, 150 dock-high and seven drive-in loading doors, 2,402 trailer parking spaces, an ESFR fire sprinkler system and is fully air conditioned.
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