In a deal being hailed as one of the biggest industrial park transactions in Orlando market history, Chicago-based Blue Vista Capital Management paid $49 million for the American Industrial Center in Longwood.
The seller was The Woods Group, according to a deed signed Jan. 17 and filed Monday in Seminole County. The group, headed by Daniel J. Woods, sold the park and associated buildings through affiliates American Industrial Center Ltd. TWG I, American Industrial Center IX LLC and Woods Family Properties DJW LLC.
Woods could not be reached for comment. Rachel Woolf, head of investor relations for Blue Vista, said the company does not comment on its purchases.
Blue Vista partnered with a smaller firm, Logistics Investment Management of New York, on the purchase.
Located in Longwood’s southern industrial-zoned district off South Ronald Reagan Boulevard (Seminole County Road 427), American Industrial Center encompasses 33.8 acres with 28 buildings totaling 820,000-square-feet. Most of the structures were built in the 1990s and are made of non-combustible, steel frame and 10-foot masonry lower walls on a 6-inch slab.
The buildings are all fully sprinkled, insulated and have both dock-high and grade-level access, according to the Woods Group’s website. Air-conditioned offices in the park have skylights and ambient lighting. Some suites feature climate-controlled warehouse space.
Parking at the center is designed for a tractor trailer’s turning radius, and all the buildings include at least 200 amps of electrical service per suite.
Douglas K. Mandell, a manager with real estate brokerage Marcus & Millichap, called American Industrial Center “the largest contiguously-owned, multi-tenant, dock-high and grade-level loading in Seminole County.”
Mandel and Nicholas Hanson, senior associate with Marcus & Millichap, represented Blue Vista Capital and Logistics Investment Management in the purchase.
Hanson called the transaction “one of the largest” in greater Orlando history.
“In addition, AIC was 95-percent occupied at the time of sale which provides the purchaser with strong cash flow as well as the ability to further enhance its returns by investing incremental capital to improve rental rates,” Hanson said in a printed statement.
Blue Vista Capital Management was founded in 2002. Since its inception, the firm has invested over $9 billion in total capitalization. The company focuses on real estate, including student housing, middle market equity and middle market lending.
The Woods Group was formed nearly 20 years ago to help provide economical industrial and warehousing space to businesses, according to the company website. Before the recent sale, the company offered over 1 million square feet of industrial, office, warehouse, showroom and flex-space in Central Florida and North Carolina, according to the website.