ORLANDO-Two investment funds managed by Boston-based Eaton Vance Management have acquired two industrial properties for $66 million. The properties are both located near the Orlando International Airport.
The first property is a 493,000-sf bulk distribution building on Boggy Creek Road leased long term to a supplier of passenger cars and trucks and a manufacturer of commercial vehicles. The transaction included a development parcel where an additional 120,000 sf can be constructed.
The other property was a recently constructed, 225,000-sf build-to-suit warehouse in Jetport Industrial Park leased on a long-term basis to a bedding manufacturer. The property features storage for more than 150 truck trailers and offers access to the airport and Florida Turnpike.
Director of acquisitions and dispositions for Eaton Vance's real estate investment group K.C. Swartzel tells GlobeSt.com that the properties were attractive for acquisition due to their tenants. "We buy properties with long-term tenants with strong credit," he says. "Orlando is a fast-growing market with strong distribution fundamentals, such as its highways and its location in Central Florida."
Investment funds managed by Eaton Vance own approximately $5 billion in commercial real estate. "As we search the country, we hope to acquire other long-term net-leased office, retail and industrial properties comparable in quality to these buildings," Swartzel says.
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