Co-developer of Amazon fulfillment center sells to affiliate of Boston-based investor

A partner in the development of Amazon’s new fulfillment center located near Orlando International Airport has, according to county records, sold its property for $108 million.

An affiliate of TA Realty in Boston is listed as the buyer, with a mortgage in the amount of $45,000,000 with Wells Fargo being recorded as assumed by the buyer. The seller is an affiliate of USAA Real Estate Co., which co-developed the property with Seefried Industrial Properties and sourced the mortgage more than a year ago. TA Realty declined comment through its acquisitions department; attempts to reach USAA went unanswered.

Atlanta-based Seefried has planned to hold a 15-year lease with Amazon for the warehouse, which sits on approximately 130 acres, according to emails cited in a 2017 Orlando Sentinel story. Seefried has developed other properties for Amazon, including those in Ruskin, Nashville, Richmond, Salt Lake City and Tulsa, at least one through a partnership arrangement. 

The 857,470-square-foot footprint of the fulfillment center was designed to house 2.33 million square feet of storage area across a ground floor and two mezzanine levels. Approximately 58.5 acres were developed as impervious.  Development costs of similar Amazon facilities have reportedly topped $135 million.

The facility opened Sept. 2, the company told the Sentinel, with 1,500 employees expected to work alongside plentiful robotics equipment. Amazon did not seek local tax incentives for the facility. 

Other recent activity in Lake Nona includes:

  • An affiliate of one of the world's largest biopharmaceutical companies, Amicus Therapeutics of New Jersey, is seeking up to $3.99 million in city and state economic incentives to build a manufacturing facility in Medical City, an investment it tells city staff would be at least $148.85 million.  
  • Boca Raton-based Futura Development Company seeks an equity partner and construction lender in the coming months for a mixed-use development referred to as "Nona Cove" to build up to 260 apartments, 45,000 square feet of commercial uses and 124,000 square feet of self-storage use on a 10.9-acres assemblage with frontage on Narcoossee and Boggy Creek roads on Lake Nona's southeast corner.
  • The 100-acre Lake Nona Town Center by Tavistock Development Company is seeing construction on Pixon Apartments by Balfour Beatty Construction, with 32,500 square feet of mixed-use commercial space on the ground floor, and several other projects expected to open by year’s end including: a new six-story, 1,083-space parking garage;  an outdoor shipping container park;  Park Pizza & Brewing Co. restaurant; and a six-story, 155,000-square-foot office building that will host the 65,000-square-foot BBA Aviation/Signature Flight Support headquarters.

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