C&W Brokers Sale of Two Orlando Distribution Centers

Cushman & Wakefield industrial brokerage team of Associate Director Jared Bonshire and Senior Associate David Perez brokered the sale of two Class A industrial buildings in Airport Industrial Park of Orlando (AIPO) – Southport Center and Palmbay Center. Bonshire and Perez represented the buyer, High Street Realty Company, in the transaction. The seller was Southport Center @ AIPO LLC and Palmbay Center @ AIPO LLC. Southport Center, located at 10805 Southport Drive, is a 74,965-square-foot distribution center built in 2007 on a five-acre parcel. Palmbay Center, located at 10950 Palmbay Drive, is a 53,448-square-foot distribution center built in 2003 on a 3.1-acre parcel. The buildings sold on May 27  for a combined $10,000,100, according to Orange County public records. This transaction follows a trend of increased investor interest in the Orlando industrial market driven by strong user demand, which has led to falling vacancies, and subsequently rental rate ascension due to the slow pace of new construction in key submarkets.The two state-of-the-art facilities are dock-high and sit adjacent to each other at the northeast corner for Palmbay Drive and Southport Drive.  

“The level of activity in industrial investment sales for the first quarter was the highest ever recorded,” wrote Florida Research Manager Chris Owen in Cushman & Wakefield’s 1Q 2015 Orlando Industrial MarketBeat report. “Vacancy continued to fall on heightened tenant expansion and rental rates have consistently increased with some submarkets achieving rents at pre-recession levels. Cushman & Wakefield forecasts further growth in the industrial markets fundamentals throughout the rest of 2015.”

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