Orlando Sees History-Making Industrial Deal

Michael Lerner from Cushman & Wakefield helped broker the sale.

ORLANDO—CrownPointe I-IV just sold—and it’s one of the largest industrial sales in Orlando’s history. CrownPointe I-IV is a four-building, class A portfolio built between 2000 and 2006 on a 40-acre parcel in Orlando’s CrownPointe Commerce Park. Cushman & Wakefield represented a state pension fund advised by Invesco Real Estate in the sale of the 669,010-square-foot warehouse and distribution portfolio in the Orlando Central Park submarket. Colony Capital acquired the industrial asset. “The opportunity to acquire an industrial portfolio of this size and quality in Orlando is extremely rare and, as a result, investor interest was among the strongest I have seen in my 20 years in the business,” CushWake senior director Michael Lerner tells GlobeSt.com. Lerner, along with executive director Mike Davis and senior director Rick Brugge , handled the disposition. Located at 7312–7576 Kingspointe Parkway, the industrial buildings feature tilt wall construction, 24- to 30-foot clear heights, ESFR fire protection, a parking ratio of 1.5 spaces per 1,000 rentable square feet, and 115- to 120-foot truck courts with 55-foot concrete aprons. CrownPointe I-IV’s is close to Interstate 4, Florida’s Turnpike, and the Beachline Expressway. The portfolio was 94.5% leased at the time of sale. Mattress Firm, Wilsonart, Graebel, Fisher & Paykel, RaceTrac Petroleum and Beyond Logistics are among the tenants. Cushman & Wakefield research indicates Orlando’s industrial market has witnessed a dramatic decrease in vacancy while rents continue to climb in the tightening market. Direct asking rental rates trended upwards in the first three months and were at their highest point since 2009, up 16.1% in the last four years. “As tenant demand remained high in the first quarter, landlords in several submarkets grew more confident in raising rents, even if only marginally,” wrote Florida research manager Chris Owen in the firm’s recently released 1Q 2016 Orlando Industrial MarketBeat Report. “Asking rents in Orlando Central Park, the largest submarket in Orlando, continued to push higher, up 6.2% year-over-year to $7.73 per square foot. The expectation during the first quarter was that the new space coming to market will have an appreciative effect on rents as the new availabilities will have higher asking rental rates.” CushWake recently wooed an impressive industrial guru to its Orlando office . Get all the details .