An affiliate of Denver-based DCT Industrial Trust paid $2.038 million on Wednesday for roughly 11.5 acres northeast of its Airport Distribution Center North warehouse park on Conway Road, paving the way for new access and a seventh building, a lead executive with the company told GrowthSpotter.
Located on the southeast quadrant of Conway and Judge roads near Orlando International Airport, DCT owns more than 42 acres where its ADC North development has fully leased an initial three buildings totaling more than 300,000 square feet, mostly to light distribution and third-party logistics firms.
The company's fourth building there (Building "D") received its Certificate of Occupancy in October for 95,036 square feet. That building still has no committed tenants, but is anticipated to be 50 percent leased by mid-year, said Todd Watson, senior vice president for Central and South Florida.
Ground should break this year on a fifth building ("E") of 100,748 square feet, once a leasing threshhold is reached for the fourth building, he added. A future sixth building ("F") of 102,405 square feet would follow.
Land the company bought this week lies northeast of those fifth and sixth buildings' sites, and will allow DCT to eventually build an access road from the warehouses to Judge Road.
Those 11.5 acres will also accommodate a future seventh rear-loaded industrial building, projected for 170,000 square feet. That building will be deeper than the others, a potential 220 feet deep instead of 160 feet like at the current buildings, offering tenants with specific equipment or logistics models a new option in the park, Watson said.
Plans for such a building have yet to be produced, but the Building 7 could be moved up in DCT's development order for the park if a Build-to-Suit need surfaces, he said.
DCT Industrial bought the 11.5 acres from the Cusson and Owens family trusts, which also sold the land for its first two phases of ADC North in 2006 and 2015.
The trusts include children and grandchildren of the late Bryan W. Judge, whose family dairy farm occupied the land through the mid 1900s before he died in 1968, said Jeff Cusson, associate with Coldwell Banker Commercial Saunders Real Estate, and one of eight grandchildren with a stake in the property.
"We've liquidated properties over time to put kids in the family through college. We're all nearing retirement age now, this is our third transaction with DCT and we've had a good relationship with them," he said.
The Cusson and Owens family trusts still own about 17 acres directly north of the ADC North industrial park on the hard corner, which is zoned Commercial and will likely draw a more intense use than warehouses, Cusson said. They own another 47 acres to the east of ADC North, and 12 acres on the northern side of Judge Road.