Chicago-based REIT plans more development in Orlando’s Center of Commerce industrial park
By Mike Salinero
Apr 04, 2019 | 6:30 PM
RREEF America REIT II Corp., a subsidiary of DWS, the former Deutsche Asset Management, plans on building two warehouses in Center of Commerce at Orlando industrial park.
The warehouses on Shader Road will total 216,000 square feet and sit on two adjoining parcels totaling 13.32 acres. RREEF America bought the land in June 2005 for $2,027,500.
The project is now under master plan review by the Orlando's Planning Development Review Team.
A spokeswoman for Deutsche Asset Management said the company did not want to comment on the new project.
This is the latest in a series of warehouse properties developed by RREEF America at the industrial park since June 2005 when the REIT bought all the properties in the industrial park owned by Caleast Industrial Investors LLC, an affiliate of LaSalle Investment Management Inc., also of Chicago. The 16 parcels went for just over $77.37 million, according to Orange County property records.
In the following 13 years, RREEF has maintained control of the industrial parcels as they have been developed and leased to companies such as the Daltile, a distributor of natural stone porcelain and ceramic tile; JJ. Haines, flooring supply center; Wheeler Inc., carpet and rug distributor; and Town & Country Industries, building material distribution center.
RREEF America's development team includes Darwin Reyes with C4 Architecture of Orlando, and Jason Bullard of S&ME Inc., civil engineers, of Orlando.
Deutsche Asset Management, the brand name of the asset management arm of Germany's Deutsche Bank Group, was rebranded as DWS in the first quarter of 2018.
Have a tip about Central Florida development? Contact me at Newsroom@GrowthSpotter.com or (407) 420-6261. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.