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Colony Capital affiliate pays $55.65M for warehouse buildings near tourism corridor

Colony Capital affiliate pays $55.65M for warehouse buildings near tourism corridor
Highlighted in blue are the four buildings sold this week by an Invesco affiliate, to an affiliate of Colony Capital. One of the buildings is the new home to an Amazon fulfillment center. (Orange County Property Appraiser)

An affiliate of Los Angeles-based Colony Capital paid $55.65 million on Tuesday for a four-building portfolio in Crownpointe Commerce Park near the tourism corridor.

Located on Kingspointe Parkway off W. Sand Lake Road, the buildings dubbed Crownpointe I-IV were marketed for sale as a portfolio by Cushman & Wakefield, for owner TR Crownpointe Corp, an affiliate of Invesco Real Estate out of Dallas.

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Invesco's affiliate previously paid a combined $40.76 million for the four buildings in separate deals between July 2003 and September 2006.

C&W did not respond to requests for comment on the sale.

GrowthSpotter reported on April 11 that Amazon recently leased 100,000 square feet in the Crownpointe II building, with permit activity indicating future use as a fulfillment center.

Other tenants in those four buildings include the headquarters for Ripley Entertainment, Inc., Ocean Air Enterprises, Standard Register Company and North American Office Solutions.

The four industrial buildings feature ceiling heights of between 24 and 30 feet, between 37 and 73 loading docks each, and a total of 669,247 square feet of rentable building area, according to Costar.com.

Colony Capital is best known locally for its role as seller in the largest land transaction in the history of Orlando's tourism market, when it drew $130 million last December for 474 acres near Universal Boulevard that were bought by a Universal Orlando affiliate.

-- Reporter Karen Talley contributed to this story

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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