A Birmingham, Alabama-based industrial investment firm just picked up a pair of warehouses in International Corporate Park, as part of a $194 million multi-state portfolio deal.
Graham Commercial Properties bought 16 Class-A warehouse properties in Orlando and Tampa, in addition to properties in South Carolina and North Carolina.
The seller, GPT Transport Owner, is tied to New York-based Gramercy Property Trust.
The entity paid $6.55 million for the properties in 2015, as well as an additional $9 million for a neighboring single-tenant not included in the most recent deal. That building is leased to Disney Cruise Lines.
The properties that sold are leased to defense industry training and simulation firm Kratos Training Solutions. In total the industrial portfolio spans 142,536 square feet, meaning the deal breaks down to roughly $130 per square foot.
CBRE's Frank Fallon, Trey Pennington and David Murphy represented the seller.
The buyer also snagged a 131,800-square-foot warehouse at 3001 Gateway Center Parkway in Tampa, leased to cigar company Davidoff of Geneva.
Along with GCP’s other existing Florida properties, including its recent $49 million acquisition of the Northport Logistics Center, its total square footage footprint in Florida amounts to 2.27 million square feet.
Activity has been picking up in the area, close to Mattamy Homes' growing Meridian Parks community near Lake Nona. Plans for the site include 4,000 single-family homes, 2,000 multifamily homes and nearly 500,000 square feet of retail/office uses.
In 2016, MDH Partners paid $16.25 million for a nearby 361,200-square-foot Class A warehouse at 8650 Transport Dr.
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