A industrial logistics center building at 10601 Southport Dr. in Orlando, which sold last week as part of a portfolio deal.
A industrial logistics center building at 10601 Southport Dr. in Orlando, which sold last week as part of a portfolio deal. (Orange County Property Appraiser)

Affiliates of Singapore-based multinational real estate group Mapletree Investments paid a combined $36.4 million last week to make its market entry in Greater Orlando, buying four local flex-industrial properties as part of a larger portfolio deal.

The seller appears to have turned a $7 million profit in three years, and retained a management role.

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The largest of the four properties sold for a recorded $22.5 million, set on 15 acres at 10601 Southport Drive in Orlando's Airport Industrial Park, with a distribution center that offers 292,182 square feet of conditioned area.

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Mapletree also bought three buildings in the Lee Vista industrial park area, at 6490 Hazeltine National Drive ($4.4 million), 6901 T.P.C. Drive ($3.9 million) and 6435 Hazeltine National Drive ($5.6 million), which have a combined 117,137 square feet of conditioned flex warehouse space.

The sales closed on April 26 and were recorded Monday in Orange County. No mortgages were recorded in relation.

The sellers were affiliates of Exeter Property Group, which previously paid a combined $29.3 million for the four Orlando properties in 2015.

The Orlando acquisitions appear to be part of a portfolio divestment by Exeter. However, Exeter will still be leasing and managing the properties, said Nick Sands, asset manager for the Southeast.

Mapletree affiliates also bought three flex office/industrial buildings in Jacksonville in mid-April, according to the Jacksonville Daily Record, and a large logistics facility near Milwaukee. 

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Officials with Mapletree and Exeter did not respond to requests for comment on Monday.

Exeter still owns and operates about 3.5 million square feet of industrial in the Interstate 4 corridor, and more than 5 million square feet in Florida overall.

As of March 2017, Mapletree owns and manages $39.5 billion of office, retail, logistics, industrial, residential, multifamily and student housing properties across Asia, the United Kingdom and United States, per its website. The company manages four Singapore-listed real estate investment trusts (REITs) and six private real estate funds.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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