UPDATED: June 12, 2018 9:04 AM — An affiliate of Denver-based commercial property investor Black Creek Group paid $45.7 million last week for the first two buildings of the Park @ 429 industrial park in Ocoee, one year after the groundbreaking and a rapid lease-up effort.
Now dubbed the Park 429 Logistics Center, the property consists of four lots across more than 45 acres at Ocoee's intersection of S.R. 429 and E. Plant Street.
The first of those (Lot 3 at 25 acres) was developed by Kansas City-based BlueScope Properties Group, which paid $6.19 million for the land in May 2017.
Black Creek's Industrial REIT IV Inc., a publicly registered non-traded REIT, bought the two distribution center buildings developed by BlueScope on that lot, which total approximately 441,000 square feet.
The property is 96 percent occupied by three tenants with a weighted-average remaining lease term of more than 8.5 years. The sale closed on June 7 and was recorded Monday in Orange County.
Wilson McDowell and Matt Sullivan of Cite Partners were the original minds behind The Park @ 429. They formed their own affiliate TSG Development in 2016, assembled more than 45 acres in Ocoee and earned rezoning, annexation and plan approval from the city for 645,000 square feet of light industrial space.
They promptly sold that first lot to BlueScope and then represented the project in leasing, delivering the final two tenants this past March in City Furniture and Maintenance Supply Headquarters.
Black Creek Industrial REIT IV launched its $1.5 billion initial public offering in February 2016, and has raised approximately $51.6 million in investor equity as of this past March. The company held no real estate assets in its portfolio as of Fourth Quarter 2017, but now owns the Ocoee industrial park, and planned acquisitions of distribution centers in Ontario and Pompano Beach for a combined $38.3 million.
Officials with Black Creek did not respond to requests for comment on Monday.
McDowell and Sullivan retained ownership of Lots 1 and 2 of their Park @ 429 property, which sold in May to direct users Boyer Construction and Express Signs and Graphics, with maximum building sizes available of 56,650 and 50,2000 square feet.
Plans for the final Lot 4 were also being drawn up by the Cite team, where they anticipated building a 65,000-square-foot warehouse on spec.
CBRE out of Atlanta served as listing agent for BlueScope in the Ocoee sale.
BlueScope is lining up its second act in Greater Orlando, preparing 178 acres in Apopka for more than 2.4 million square feet of new warehouse space, also located along S.R. 429.