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A pair of warehouses in Orlando have sold to a Pennsylvania-based investor for a recorded $9.1 million, Orange County records show, adjacent to other vacant space and planned commercial development.
A pair of warehouses in Orlando have sold to a Pennsylvania-based investor for a recorded $9.1 million, Orange County records show, adjacent to other vacant space and planned commercial development. (Orange County Property Appraiser)

An affiliate of a Pennsylvania-based investor that's been active in Metro Orlando during the last 18 months has purchased a pair of warehouses in east Orlando for a recorded $9.1 million.

Exeter Property Group purchased the facility on L.B. McLeod Road, midway between Kirkman Road and President Barack Obama Parkway, from affiliates of McLeod Properties Inc. and the Ammerman Trust.

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The larger of the two properties, 5159 L.B. McLeod Road, was developed with 73,760 square feet of warehouse space in 2000 on 5.51 acres. A sibling property next door at 5051 McLeod was developed a year earlier with 45,708 square feet on 2.5 acres.

Insight on how much of a profit the seller appears to have turned in just three years, and the role they'll maintain even after divesting.

Exeter in April turned an apparent $3 million profit on four local flex-industrial properties in various southeast Orlando locations that total nearly 410,000 square feet, selling to Singapore-based Mapletree Investments for $36.4 million.

In August, Exeter bought 42 acres at Air Commerce Park, west of Orlando International Airport, for $8.35 million. That was less than two months after it had bought a 215,435-square-foot industrial property on Directors Row for $8.85 million -- and said it was looking for more opportunity in Metro Orlando, viewing the area as a future distribution hub.

Insight on the land owner behind this opportunity, what team of local consultants he's built thus far, and why demand is attractive in this Orlando submarket.

The Directors Row property's infill nature got the attention of Exeter officials, a representative said at the time, as well as new companies setting up shop in Orlando for distribution operations. The company is backed by large-scale investment funds.

The warehouse complex stands just south of a proposed four-building development on the Kennedy Campus property, named for Nephron Pharmaceuticals founder Bill Kennedy. It's also just east of the vacant former Nephron Pharmaceuticals facility and its available 67,400 square feet being marketed by Lou Payas of Payas Commercial Real Estate.

Have a tip about Central Florida development? Contact me at bzimmerman@growthspotter.com, (407) 420-5427 or @zmediaworks. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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