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.
Born in New York, Curran's acclaimed career as a fashion and travel photographer has taken him around the world, with his base being Miami for the past 20 years.
Curran's Tryumph View LLC sourced a $3.37 million loan from Gibraltar Private Bank & Trust to help finance the acquisition.
The seller was an affiliate of Orlando-based Max King Realty, which previously paid $1.6 million for the property in 2012.
The asset is viewed as a cash-flow investment by Curran, said Vincent F. Wolle, founder of Results Real Estate Partners, who served as leasing and listing agent on the property for Max King Realty.