Industrial Real Estate Developments

First Industrial Realty Trust pays $8M in off-market deal for 3rd Orlando warehouse

Highlighted in blue is the industrial property on Gills Drive, southeast of The Florida Mall and north of W. Landstreet Road that was recently sold.

UPDATED: June 5, 2017 10:40 AM — Chicago-based First Industrial Realty Trust spent $8.025 million on Friday in an off-market transaction for its third warehouse property in Orlando.

Located at 550 Gills Dr. in the Crossroads Business Park, southeast of The Florida Mall and near the W. Landstreet Road intersection with the Beachline Expressway, the 5.44-acre parcel features a three-year-old warehouse with 103,342 square feet of conditioned area.


The seller was an affiliate of Oklahoma City-based private equity goup Hall Capital, which previously paid $1.06 million in November 2013 to Duke Realty Corporation for a then-undeveloped site.

Richard Cavano of Orlando-based Cavano Realty was the lone broker involved on the buyer's side, having prompted Hall Capital's off-market sale interest last year.


The fact this was a sale not motivated by immediate need for Hall Capital indicates the company will look to reinvest its proceeds to fulfill a 1031 exchange opportunity.

Lee & Associates fully leased the property for Hall Capital in December 2015, which had been divided into two spaces of roughly 51,000 square feet each. The building has been leased by automotive parts supplier Fred Jones Enterprises and air-conditioning supplier Global Parts Distributors, LLC.

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, less than 100 yards west of Friday's purchase. The other was an off-market deal for $14.03 million for a 199,000-square-foot building bought from Panattoni Development at 4473 Shader Road, in the Center of Commerce business park.

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