ORLANDO, FL-Indcor Properties, Inc., an affiliate of New York City-based The Blackstone Group, has purchased the Crossroads Distribution Center here for $22 million.
The four-building industrial park complex at Florida’s Turnpike and State Road 528 sits on approximately 37.5 acres. The sale is the largest investor purchase of a significant industrial property in Central Florida in recent years, according to CBRE Senior Vice President David Murphy. The was put on the market for sale for about a month before the seller called for offers, Murphy, who represented the seller, tells the Orlando Sentinel.
“I think the activity has started with this trade, and we’re going to see a significant uptick in this market in 2013,” Murphy says. “There’s a lot of cash on the sidelines that’s looking to be placed in quality products. You’ll find a large appetite for investment properties.”
The report did not identify the seller of the property. However, in July 2007 it was reported by the Orlando Business Journal that Colonial Realty Partners of Boston acquired the site for $51.5 million. See story in the Orlando Sentinel.