Talk about meta: Moving services company ACE Relocation Systems is moving into a new warehouse in southeast Orange County that’s being developed by Cadence Partners LLC.
ACE Relocation, one of the largest haulers in the Atlas Van Lines network, specializes in household, commercial, and government moving and storage for consumers and corporations. The firm is currently located in the Beachline Distribution Center, east of John Young Parkway, owned by a company tied to private equity giant, Blackstone.
Construction plans filed this month with St. Johns River Water Management District show Larry Lammers, CEO of ACE Relocation, is seeking environmental permits to allow for the construction of a stormwater management facility that can support a new industrial facility within the Lincoln International Corporate Park.
Plans call for a 120,000-square-foot office/warehouse at the eastern end of Transport Drive, where companies include Special Logistics Southeast, Disney Cruise Lines and the Swedish multinational home appliance manufacturer, Electrolux.
The nearly 10-acre property lies east of Orlando International Airport and south of the BeachLine Expressway. Orlando-based real estate firm Cadence Partners LLC is listed in development plans along with Maitland-based SK Consortium Inc.
Records show ACE Relocation affiliate TRW Vision LLC paid $1.9 million for the 10-acre property last month. Its previous owner, Transport Drive Land Company LLC, paid $1.3 million for the site last summer and retains about 16.5 acres of land immediately north of the property that can fit about 300,000 square feet of additional industrial space, according to original development plans approved in 2007.
Documents submitted in Orange County show Cadence Partners intends to subdivide and develop the remaining 16.5-acre parcel. Todd Watson, a principal at Cadence, did not immediately respond to a request for comment.
The Orlando real estate firm is behind several industrial projects throughout Central Florida. In Davenport, the company plans to build 80,000 square feet of flex office/warehouse space in Posner Village.
Separately, the firm has teamed up New York-based real estate investment group Clarion Partners on a speculative 189,000-square-foot industrial park that will consist of two buildings on land directly off the Daniel Webster Western Beltway (S.R. 429) in Apopka.
While tourism and hospitality employment remains depressed, gains in Orlando’s industrial sector continue to grow as e-commerce buying habits are accelerated during the pandemic. Professional and business services have helped offset the damage, according to a third quarter industrial report by JLL.
Absorption surged, rents climbed, and vacancy fell during the third quarter, the reports says. Fourth quarter reports for Orlando have yet to be released.
More than 1.7 million square feet of deliveries was added to inventory in Orlando during the third quarter, vacancy fell slightly to 8.5% from 8.7%, and direct asking rents climbed 2.3 percent year-over-year to a new high at $6.48 per square foot.
Leasing activity was propelled by e-commerce giant Amazon, which is reportedly taking occupancy of 561,750 square feet at Air Commerce Park at 4401 Seaboard.