Miami CRE group brings 84 acres under contract in Mulvaney's Air Commerce Park

A Miami-based real estate investment firm has 84 acres under contract in the Mulvaney brothers' Air Commerce Park west of Orlando International Airport, and is vetting plans for up to 1 million square feet of new warehouse space. 

With access on the south end of Air Commerce Parkway and to the west from Boggy Creek Road via Rayburn Street, the site lies adjacent to more than 128 acres now under development for large-scale warehouses by Becknell Industrial and  Exeter Property Group

Prospective developer Elion Partners filed requests with the City of Orlando last week to annex one 9-acre parcel into city limits, as well as amend the Air Commerce Park's existing Planned Development zoning and the Growth Management Plan.

Elion is still in a 60-day due diligence period as it evaluates environmental conditions on the property, is considering an industrial development of 800,000 up to 1 million square feet, and has not gone hard with its deposit yet.

A company spokeswoman declined to comment Tuesday on the developer's plans. 

Elion claims on its website to manage more than $2 billion in real estate assets through several closed-end funds, and stand-alone permanent capital investment vehicles. 

That includes seven CRE assets in Florida currently, one of which is an 472-unit multifamily property in Orlando bought through a joint venture, according to the company's portfolio page. 

Local real estate investors Kenneth and Brian Mulvaney have been looking for developers to buy portions of 239.54 acres of ex-Navy training property they acquired across two rounds of transactions in February 2008 and April 2016

Of that total, the Mulvaneys still own about 105 acres contiguous available for sale. If Elion follows through on its purchase contract, the brothers will hold a final 20 acres. 

Florida Engineering Group is civil engineer on the project, having led the Mulvaneys through every phase of development on their land thus far. Josh Lipoff of JLL is the anticipated leasing agent for Elion's warehouse project, if the land is ultimately acquired. 

Becknell has built and fully leased its first 100,447-square-foot warehouse on Air Commerce Park's Tract A, and has its second and third buildings under construction now on Tract B to offer a combined 533,000 square feet. 

David Murphy of CBRE Orlando is Becknell's leasing agent for the buildings. Market demand is strong, he said, but is bifurcating in the direction of statewide distributors seeking 200,000 square feet or more, and "last-mile types" seeking 40,000 square feet or less, with little in between. 

Directly south, Exeter is scheduled to start laying concrete footings next week, and anticipates delivery of its 561,750-square-foot warehouse in February 2019. 

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