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.
In total, the portfolio spans 2.7 million square feet.
According to a deed recorded Tuesday in Orange County, GCP paid $18.5 million for neighboring warehouses at 8601 and 8617 Transport Drive.
The recent acquisition gives GCP control of about 12.5 acres of industrial land east of Orlando International Airport and south of the Beachline Expressway.
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.
GCP owns industrial real estate in the Southeast. The firm invests in markets with fast population growth and strong demand for manufacturing and logistics facilities, according to its website.
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.
Companies also in the business campus include Special Logistics Southeast and the Swedish multinational home appliance manufacturer, Electrolux.
Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.