Boston-based High Street Realty Company paid $6.3 million last month for its second warehouse property in Greater Orlando, and helped put the finishing touch on a hat trick of industrial sales for Orlando's Cite Partners in April and May along Shader Road.
A private equity real estate investment management company, High Street Realty invests in warehouse and distribution properties in logistically significant major markets across the eastern two-thirds of the United States.
Located at 3122 Shader Road in Northwest Orlando, three parcels totaling 9.474 acres bought by the company include a fully-leased 122,605-square-foot industrial building, and 2.44 acres of undeveloped land adjacent.
High Street Realty owns one additional two-building project near Orlando International Airport, the Southport/Palmbay Center (126,414 square feet), said David P. O'Reilly managing director for acquisitions (SE Region).
O'Reilly declined further comment Thursday on the most recent transaction.
Matt Sullivan, managing director with Cite Partners, said Thursday he met O'Reilly for lunch in late January to touch base on deals and market activity, when discussion led to the Shader Road property.
"I knew they had made a few purchases and this just happened to be a similar building product type to what they bought in Atlanta," Sullivan said. "I knew of this asset, told him it may fit their criteria. Within a matter of days they reacted, produced an LOI, and we had a contract in their hands in mid-February."
High Street Realty has a portfolio of more than 14 million square feet in eight markets of multi-tenant industrial real estate.
"We're chasing more opportunities with them," Sullivan said. "They're a very good group to work with, and are interested in expanding their portfolio."
High Street sourced a $3.185 million mortgage from American United Life Insurance Company in May to complete the acquisition.
When it rains it pours for Cite Partners on Shader Road: the firm's Central Florida Industrial Team brokered three sales through April and May totaling 622,435 square feet along Shader Road, with a total value of more than $31 million.
The transactions included representing Panattoni Development in the $14.3 million sale April 12 of the Tech Packaging building at 4473 Shader Road to First Industrial Realty Trust, and representing Hanover Platinum in its $10.7 million purchase of the four-building Shader Industrial Park.
Sullivan said the three transactions weren't coordinated by his team or linked to any one group, but just a bit of luck paired with hard work representing groups of different sides of each deal, including a two-year pursuit for Hanover Platinum of its property.
"It just shows the appetite the investment community has for Central Florida industrial real estate more than anything, and the amount of capital chasing that product type in the market today," he said.