Landlord and tenant representatives declined to disclose the value of the lease because of confidentiality clauses in the leasing contract. However, they did tell GlobeSt.com asking gross rates for shell space are $4.15 per sf NNN with tenant improvements of $3 per sf and operating expenses of 95 cents per sf. Area industrial brokers familiar with the southwest Orlando submarket tell GlobeSt.com the total deal was above $4.15 per sf with an estimated aggregate value of $1.85 million.
Crownpointe One, the first 180,000-sf building developed by McDonald, is 92% leased and has only 14,400 sf available. The 224,000-sf Crownpointe Two is fully leased. McDonald plans to break ground this year on Crownpointe Four, an 89,754-sf, rear-load distribution building. McDonald completed the Crownpointe Three leasing deals through its McDonald Ventures XXII LC.
Tom McFadden and Bo Bradford of Advantis Real Estate Services Co. represented McDonald in the Fisher & Paykel transaction. Lee Morris of Cushman & Wakefield of Florida Inc.'s Orlando office negotiated for Fisher & Paykel.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.