Property investor Robert Cascio just paid $2.85 million for a warehouse west of Orlando International Airport as part of a sale-leaseback deal.
An entity led by J. Palmer Clarkson, president and CEO of Bridgestone HosePower, a subsidiary of Tokyo-based Bridgestone Corporation, sold the 32,512-square-foot, single-story industrial building at 875 Central Florida Pkwy., according to a deed filed Friday in Orange County.
Lee Zerivitz, a managing partner of City Commercial, represented the buyer.
Cascio, who serves as the director of commercial brokerage Florida Land Group, said the property is a personal investment of his.
The deal gives Cascio control of more than 2.3 acres of industrial land located on the northeast corner of Central Florida Parkway and the Florida Turnpike.
The warehouse was built in 1973. Cascio said the tenant signed a long-term lease for the property.
Bridgestone Corporation is an international manufacturer and seller of tires and rubber products. The company provides tires and tire repair services for a slew of different vehicles and aircraft.
An entity tied to Masthead Industries paid $1.1 million for the property in 2005. The company was acquired by Bridgestone in 2014. At the time, Masthead had 34 locations throughout the United States and one in Mexico.
The deal comes at a time when a number of Fortune 500 companies are expanding their distribution facilities in Central Florida, creating a strong demand for industrial space with easy access to major roadways.
Last month, Cintas Corporation, a recent newcomer to the Fortune 500 list, filed plans with South Florida Water Management District seeking to build one of its uniform processing plants at 2510 Investors Row.
The company had owned the vacant site for more than a decade.
Nearby, West Palm Beach-based, McCraney Property Company recently filed plans to build a 977,400-square-foot industrial park, just off the southwest corner of S. Orange Avenue and W. Taft Vineland Road.