Avison Young completed the $4.42 million sale of a five-building industrial portfolio totaling 123,517 square feet and a combined 6.91 acres in Ocala.
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.
The portfolio consists of the following addresses, all within Ocala city limits:
- 1601-1625 N. Magnolia Ave.
- 11-37 N.E. 16th St.
- 805 N.W. 25th Ave.
- 839 N.W. 25th Ave.
- 840-842 N.W. 24th Ct.
Avison Young Senior Vice Presidents Nick Robinson and Lawson Dann represented both the seller, Bryan Industrial Properties East, LTD, and the buyer, KD Ocala Industrial, LLC, during the disposition.
“Buyers are seeking opportunities further north as competition and lack of product persist in South Florida and Central Florida,” said Robinson. “Smaller cities like Ocala and Lake City in North Florida are prime for industrial investment with many family offices and larger institutional players scouring these markets for better yield.”
The Ocala industrial portfolio is income producing in the highly desirable North-Central Florida market, one of the fastest-growing areas in the United States. Three buildings are located in Bryan Industrial Park, and two buildings are in the North Magnolia Business District within Ocala’s Opportunity Zone.
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