Global real estate firm Taurus Investment Holdings just sold its second industrial development within the 112 acre Beltway Commerce Center by the Orlando International Airport to a Los Angeles-based real estate investment trust and is prepping to add more warehouse space in the business park.
According to a deed recently filed in Orange County, an affiliate of Colony Capital paid about $42.4 million for roughly 40 acres of land containing two newly completed industrial buildings that span a total of 564,508 square feet.
The deal breaks down to $75 per square foot. Jeff McFadden, managing director in Florida for Taurus, said the company bought the properties vacant.
One 240,224-square-foot building features 30-foot ceiling heights, rear-dock loading and 240-foot bay depths. The other one spans about 324,440 square feet with cross docking capabilities, 32-foot ceiling heights and 400-foot bay depths.
According to representatives at the company, Taurus has one remaining industrial site totaling about 11 acres and one 4.2-acre commercial site that will include a mix of office, self-storage and retail/restaurant space. The firm filed a Specific Parcel Master Plan this month with City of Orlando for a new 108,000-square-foot industrial building on the industrial site at the southeast corner of Lee Vista Boulevard and Young Pine Road.
McFadden said Taurus is in the midst of developing the retail/commercial portion, which lies on the northeast corner of Lee Vista Boulevard and the Central Florida GreeneWay.
Earlier this summer, GrowthSpotter reported plans to open a new 23,305-square-foot tax collector office for Orange County at the site. The new facility will be a relocation of Orange County’s current Lee Vista branch at 8185 Lee Vista Blvd., as part of a yearlong restructuring effort to expand its tax collector’s capacity.
The permit activity follows Pulte Homes acquiring roughly 250 acres within the Beltway Commerce Center Planned Development in December for $7 million. Earlier this year GrowthSpotter reported the homebuilder is planning a three-phased, 450-home community called “Pinewood Reserve.”
Colony Capital, is the same firm that sold the 474-acre site slated for the new Universal Epic Universe theme park for $130 million.
The company has steadily amassed a good portion of the Lee Vista Business Center near Narcoossee Road. Just earlier this summer it paid $15.5 million for a 159,884-square-foot warehouse facility at 7455 Emerald Dunes Dr. within the roughly 80-acre business park.
In 2016, it paid a combined $47.9 million for buildings D, E and F in Lee Vista. According to its website, Colony Capital has $43 billion assets under management.
The firm is one of many taking interest in the Orlando International Airport submarket. GrowthSpotter reported in July the increased investor interest in that area, due in part to a new $2.8 billion terminal that will bring the total number of workers to 2,500.
Nearby, the City of Orlando is selling about 126 acres of land, which once operated as a Navy base, just west of OIA and south of the Beachline Expressway.
GrowthSpotter reported that the city is would welcome combinations of commercial mixed-use buildings, multi-story apartments, townhomes, detached single-family homes, senior housing, recreational and office areas.
Orlando-based First Capital Property Group is marketing the property.
Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.