Dormant,15-Year-Old Industrial Asset Perking Up

Long an Orphan Annie in a hotbed of surrounding industrial development activity, the 15-year-old, 2,900 International Corporate Park in east Orange County is getting a second life. A total 500 acres are under contract to distribution firms and manufacturers. The deals are expected to close by year end.

Among those transactions is a contract from Dallas distributor Sierra Stone Inc. for 37 acres to build a 200,000 sf distribution center. The estimated contract price is $3.22 million or about $87,120 per acre ($2 psf), brokers familiar with the deal tell GlobeSt.com. The sale is expected to close within 90 days.

Sierra Stone distributes quartz countertops manufactured by DuPont Co. and sold under the Zodiaq label. The products will be polished at the distribution center and delivered statewide.

The park’s owner is Orlando Business Partners, a joint venture of Oakridge Investments Inc. of Dallas and Excel Legacy Corp. of San Diego. OBP bought the park in March of this year for $17.9 million cash. The price equates to $6,172 per acre or about 14 cents psf. International Corporate Park is zoned for 20 million sf of commercial.

The largest landowner in the park is Lockheed Martin Corp. with 200 undeveloped acres purchased in 1987. Former owner ICP Associates invested $50 million in site infrastructure between 1985 and 1999.