First Industrial Realty Trust pays $8.2M for 4th Orlando warehouse

Chicago-based First Industrial Realty Trust paid $8.235 million on Tuesday for its fourth warehouse property in Orlando, and its second on the same block in the past four months. 

Located at 450 Gills Dr. in the Crossroads Business Park, southeast of The Florida Mall and near the W. Landstreet Road intersection with the Beachline Expressway, the 4.38-acre parcel features rail access and a new speculative warehouse completed in 2016 with 86,240 square feet of conditioned area. 

At least half the building could be confirmed Tuesday as recently leased by Tire Wholesale Warehouse

The acquisition comes roughly four months after First Industrial spent $8 million to buy the warehouse next door at 550 Gills Dr., with 102,568 square feet fully leased by automotive parts supplier Fred Jones Enterprises and air-conditioning supplier Global Parts Distributors, LLC. 

The seller in Tuesday's deal was Atlanta-based McDonald Development Company, which developed the building after paying $833,000 for the land in October 2014.  

Lee & Associates Central Florida were previously leasing agents for McDonald on the property.

First Industrial, a fully integrated owner, operator and developer of industrial real estate, made a splash in Orlando in Spring 2016 when it spent $23.3 million in separate transactions to buy two fully-leased buildings totaling 325,000 square feet.

One of those was a 126,000-square-foot Class A building at 8751 Skinner Court for $9.3 million, about 100 yards west of Tuesday's purchase. The other was an off-market deal for $14.03 million for a 199,000-square-foot building at 4473 Shader Road, in the Center of Commerce business park. 

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