UPDATED: DECEMBER 13, 2016 4:45 PM — An affiliate of Dallas-based global equity REIT Colony Capital paid $13.8 million on Monday for a single-tenant warehouse property in Northwest Orlando, the company's third industrial asset buy in Greater Orlando this year.
Located at 1925 Parks Oaks Ave., southwest of the intersection of W. Princeton Street and N. John Young Parkway, the 14.15-acre property features a nine-year-old warehouse building with 164,530 square feet of conditioned area.
The building is fully leased by Millwork Sales, a manufacturer and wholesaler of doors and molding parts that are sold directly to large home improvement stores and construction companies.
The Colony Capital affiliate signed a lease extension with Millwork Sales on Monday that runs through December 2027. No mortgage was recorded in Orange County for the sale.
The seller was Princeton John Young LLP, which previously paid $1.15 million in July 2005 for the site, prior to construction.
Officials with Colony Capital did not respond to requests for comment on Tuesday.
The purchase was the third this year by a Colony Capital affiliate of large industrial assets in Orlando.
The second was a $47.9 million purchase on Oct. 27 of three warehouse buildings on Emerald Dunes Drive, totaling more than 467,890 square feet of conditioned space across 28.36 acres.
Those buildings lie just north of Orlando International Airport and east of S. Goldenrod Road.
And the first was an acquisition in mid-April for $55.65 million of a four-building portfolio in the Crownpointe Commerce Park near the tourism corridor, with a total of 669,247 square feet of conditioned area.
Greater Orlando's industrial market is nearing pre-recession vacancy rates, with the overall vacancy rates of Orange, Seminole, Lake and Osceola counties dropping to 6.7 percent at the end of Third Quarter 2016, the 13th straight quarter of rate decline, according to a Q3 market report by Cite Partners.
Northwest Orange, where Colony Capital's latest acquisition is based, is tied for the lowest vacancy rate among Greater Orlando submarkets, at 3.9 percent.