It’s already been an eventful year for Missouri-based development companies with industrial assets along State Road 429 in Apopka.
In mid-February, BlueScope Properties acquired land for $11 million in order to add more warehouse space to its already expansive Mid-Florida Logistics Park. Recently, another company from the Show-Me state collected $40 million by selling off its newly-finished industrial park across the street.
Summit Real Estate Group parted with its Crossroads 429 Industrial Park on April 25, according to deed records. Cabot Properties, a Boston-based real estate firm that operates logistics centers across the world, was the buyer, according to records.
Located on 51 acres near the intersection of S.R. 429 and County Road 437, Crossroads 429 is a built-to-spec Class A, multi-tenant warehouse portfolio comprised of two front-park, rear-load buildings totaling 280,437 square feet. The park includes one warehouse totaling 98,758 square feet and another measuring 181,679 square feet. It’s fully leased, as the buyer brought in a tenant with them, according to Summit Real Estate Group.
“Our Crossroads 429 sale was another great example of the growing demand taking place in Apopka,” said Max Holter, managing director of investments with Summit Real Estate Group. “We remain optimistic and are committed to investing in the submarket which is experiencing sustained demand from tenants under 100,000 square feet.”
Summit acquired the assemblage of parcels in December of 2021 for $2.6 million. Construction work on the project began in the second quarter of 2022, according to a news release announcing the sale.
Luis Castillo, an industrial markets broker with JLL, represented the seller in the deal. In a post on his LinkedIn page, he said that the latest sale represents the fourth transaction totaling $230M that JLL successfully handled for Summit in the last 12 months.
The company sold an industrial park at 3438 Maggie Blvd in Orlando in June of 2022 for $13.9 million.
Summit Real Estate isn’t done with Apopka though. The company is working on another industrial park roughly three miles east of the Crossroads 429 site.
Known as 451 Commerce Park, the ground-up industrial development project will comprise two multi-tenant warehouse buildings representing roughly 260,000 square feet in total. The 32’ clear Class A, rear-load warehouse buildings will have depths of 225 feet and 170-foot truck courts that include trailer spaces. Summit anticipates starting vertical construction in the second quarter of this year and delivering the buildings by next January.
“In terms of leasing, as we experienced first-hand at our nearby Crossroads 429 project that we just sold fully occupied, leasing activity remains strong for multi-tenant, Class A industrial in the Northwest Orange County submarket,” said Matt Lederman, Summit’s managing director.
Meanwhile, the area surrounding Summit’s projects is bustling with industrial activity. The massive Mid-Florida Logistics Park covers 2.1 million square feet and is fully leased out with big-name tenants such as Amazon, Coca-Cola, Universal, and Goya Foods. BlueScope Properties, the developer behind the successful industrial venue is gearing up to expand the campus to the south with another 690,939 square feet of warehouses.
Nearby, Connecticut-based Indus Realty Trust is set to deliver 575,000 square feet of warehouse space across three buildings after buying 73 acres along the west side of S.R. 421 on Jan. 23 for $17.4 million, deed records show.
More than 4 million square feet of warehouse space is under construction in Northwest Orange County, according to the first quarter market report by CBRE. The activity in the region that includes Apopka accounts for more than half of the industrial development underway across the entire Orlando market, which covers a four-county area.
Since its formation in 1995, Summit Real Estate Group has built a portfolio of 10 million square feet of projects across acquisitions and developments.
Cabot Properties, founded in 1986, has invested over $14 billion in logistics real estate, served over 4,000 tenants, and operated over 1,600 buildings totaling more than 200 million square feet. Cabot is headquartered in Boston with offices in Atlanta, Chicago, Dallas, Los Angeles, London, Sydney, and Amsterdam.
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