An affiliate of Miami Beach-based photographer Robert Curran spent $6 million on Monday for his first investment property in Greater Orlando, a NNN-leased warehouse north of Orlando International Airport.
Located at 6333 McCoy Road in the Lee Vista Business Commons industrial park, the 42,300-square-foot Class A warehouse was built in 2008, and has government defense contractor Leidos as its lone tenant with two years left on a lease, and a three-year renewal option.
"We were attracted because of all the growth in Orlando, this (property's) proximity to the airport, and it has an excellent tenant," Curran told GrowthSpotter on Thursday. "We're not actively looking for (more assets) in Orlando now, but may consider if this one performs well."
The deal reflects a price of nearly $142 per square foot, well above the Greater Orlando market's industrial sale average of $66.81 per square foot, according to Cite Partners' First Quarter industrial market report.