"The Orlando industrial investment sales market is heating up," Ronald J. Rogg, vice president, office and industrial investment properties for CB Richard Ellis Inc. in Orlando, tells GlobeSt.com. "This is quite an anomaly for the Orlando market, which typically averages only several major transactions over a two to three-year period."

With Crownpoint and Crossroads already on the market, "and the potential for several more later in the year, look for a record-setting year of industrial investment sales activity," Rogg says.

"Investor demand continues to be strong for both multi-tenant and single-tenant industrial facilities," the broker says. "Demand is far exceeding supply."

That's a contrast from 2002 when investment sales were nominal, "dominated mainly by user building sales," Rogg says.

Invesco is asking about $30 million or $42.86 per sf for its 21-year-old, 700,000-sf Crossroads Distribution Center on Landmark Road. McDonald wants about $22 million or $55 per sf for its two-building, 400,000-sf Crownpoint Commerce Park near Sand Lake Road and John Young Parkway.

"Pricing is anticipated to be very aggressive, due to high demand, lack of alternative industrial opportunities and the availability of both debt and equity capital," Rogg says.

Asking rents at Crownpoint are $3.95 per sf, triple net; at Crossroads, $3.65 per sf, triple net. Crossroads' four buildings were erected between 1982 and 1991. Trammell Crow Co.'s Orlando office has the sales listing for both properties.

Sales of recent metro Orlando properties indicate Invesco and McDonald are asking competitive prices. For example, the four-year-old, 261,091-sf Presidents Distribution Center at 6855 Presidents Drive in Orlando Central Park sold in February for $13.8 million or $52.86 per sf. The two-year-old, 121,564-sf Lake Mary Business Center at 38 Skyline Drive in Lake Mary, FL sold for $6.8 million or $55.94 per sf. And the 21-year-old, 124,000-sf Orlando Central Park 2 at 8221 Exchange Drive sold for $4.9 million or $39.84 per sf.

Based on research from Real Capital Analytics, CB Richard Ellis Inc. topped national industrial broker rankings in 2002 with sales volume of $790.8 million. Cushman & Wakefield was second with $603.3 million, followed by Colliers Affiliates, $488 million; Grubb & Ellis Co., $385.9 million; and Trammell Crow Co., $270.5 million.