Institutional money changed hands in the $35.5 million purchase of a CVS Caremarkpharmacy warehouse property in south Orlando.
The property at 8201 Chancellor Dr. is made up of 43 acres and contains the 698,419-square-foot pharmacy distribution center, according to Orange County Property Appraiser records. The property is near where Ronald Reagan Turnpike crosses South Orange Blossom Trail.
Property manager Kinsey Equities of New York bought the property from Liberty Property Trust, a Malvern, Penn.-based real estate investment trust with a significant presence in Orlando. Kinsey will now be the recipient of the rent CVS is paying.
Stephen Whitley, senior vice president for Liberty in Orlando, said in a statement the company remains committed to the area. "We have just developed two new buildings -- in Liberty Park at AIPO -- and there are more in the planning stages," he said.
Whitley said Liberty already owns and manages 3.6 million square feet of industrial space in Orlando, with major holdings in Liberty Park at AIPO, Beachline Industrial Park and Cypress Park Commerce Center.
Frank Fallon, Mike Hines and David Murphy of CBRE represented Liberty in the transaction.
Kinsey Equities is a real estate management company based in New York City that, according to its website, helps owners maintain and develop their properties. A spokeswoman did not respond to requests for comment.