Ink Dries on Second-Largest Industrial Sale

ORLANDO—It's the second-largest industrial sale in Central Florida this year. Legacy Capital Partners, a private equity investor out of Boulder, CO, grabbed Central Florida Business Park for $9.7 million.

The industrial property includes 10 buildings totaling 821,000 square feet on 52 acres. The buildings sit at 5300 Recker Highway in Winter Haven, FL.

Fred Beasley of Colliers International Central Florida represented the seller, a multi-billion-dollar global private equity firm. The property is 75% leased, to six different tenants.

“This was a challenging transaction, given that the property is in a tertiary market and is comprised of 10 unique buildings with varying amenities and specifications,” says Beasley, director of Investment Sales for Colliers. “However, significant industrial activity in Polk County created excitement and interest in this property.”

Because of its location in the center of the state, Polk County continues to be an attractive geography for industrial users and regional distribution centers. Walmart Stores recently announced plans to break ground on a $200-million distribution center 16 miles to the east of Central Florida Business Park.

“More and more, Polk County is becoming a focal point for industrial development and investment,” Beasley says. “The buyer recognized the upside potential in this asset and by enhancing the property via smart capital improvements anticipates the value to increase as the area's economy and industrial market continues to mature.”

FedEx is also building a 310,000-square-foot distribution center next to the proposed Walmart development. And a 1 million-square-foot Amazon fulfillment center opened last year in the Polk County city of Lakeland.

"Amazon put the Central Florida region back on the map for large distribution centers. Between Orlando and Tampa, there is now a huge demand for warehouse space," Rian Smith, first vice president of CBRE Tampa, Industrial, tells GlobeSt.com. "We're seeing those large e-commerce distribution users focusing on the I-4 corridor for a number of reasons, including population growth, improving economic conditions, and increased consumer spending.”