Duke Plans 800,000 SF of New Distribution Space

Irmscher wouldn't disclose the price Duke paid Corporex Development Services of Florida for the land. But area industrial brokers familiar with the Regency/Southwest submarket tell GlobeSt.com the deal probably closed at a $158,000 per-acre net price or about $3.62 per usable sf. The total estimated price is $6.63 million.

"This acquisition allows us to further capitalize on our success at our nearby Parksouth Distribution Center in a submarket with a low vacancy rate and strong positive absorption," Irmscher says. "Access to major highways and our ability to deliver new, 30-foot-clear, class A distribution product make Crossroads Business Park a highly desirable location for companies looking to distribute throughout Central Florida."

Irmscher says Duke plans to develop the 42 acres during the next three years through a combination of speculative development and build to suits. The site is along the south side of the Beeline Expressway, across the from the 1.8-million-sf Florida Mall.

"Outside of Crossroads, land positions in south Orlando upon which to develop significant distribution facilities are limited," Irmscher says. "Crossroads is fully improved with all utilities and infrastructure in place and ready for development."

Duke Realty of Orlando's portfolio includes about three million sf of office and industrial commercial real estate. The company controls about 155 acres of undeveloped land for future development and employs 35 real estate professionals the Greater Orlando market. Duke Realty's Central Florida portfolio of office and industrial product tops five million sf, Irmscher says.