Cushman & Wakefield has arranged the sale of Innovation Center at Lake Mary, a 562,758-square-foot multi-tenant distribution center located in the Orlando suburb of Lake Mary. The Cushman & Wakefield Investment Sales team of Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Zachary Eicholtz and Ryan Jenkins, in conjunction with the Industrial Leasing team of David Perez and Jared Bonshire, represented the seller, a partnership between IP Capital Partners and Blue Vista Capital Management, in the transaction. Jason Hochman and Mike Ciadella, also of C&W, secured acquisition financing on behalf of the buyer, ATCAP Partners, a real estate investment company focused on institutional quality office and industrial assets in primary and secondary markets.
“Innovation Center offered an excellent opportunity for ATCAP Partners to invest in a property with below market rents in an infill location at a substantial discount to replacement cost,” Davis said.
Located at 2452 Lake Emma Road on 34.2 acres, the multi-tenant building is currently 97% leased. Innovation Center offers 28’ clear heights, ESFR sprinklers, 50 dock high doors with an additional three surface level docks and 50-slip trailer storage lot.
“Additionally, the roadway improvements with the I-4 along with the completion of the 429 Beltway will be positive drivers for additional industrial growth in the future in this corridor,” Colon added.
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