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Industrial Real Estate Developments

New York investment management firm buys former Crown Holdings building in Winter Garden

New York-based real estate investment management firm Ultimate Realty recently acquired the former Crown Holdings industrial building in Winter Garden with plans to upgrade the space and lure in a new tenant or tenants.

According to a deed recorded in Orange County, UR paid a little more than $6.4 million for the 208,419-square-foot building at 851 E. Maple Street. The deal breaks down to about $31 per square foot.

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Crown Cork & Seal Company, now doing business as Crown Holdings, Inc., manufactured its metal cans and plastic containers in the facility for more than two decades. Records show it paid $2 million for the facility in 1996.

There, the company specialized in making cans for the citrus juice processing industry. In fact, the building, since its inception in 1954, has always contained some form of citrus can manufacturing within its walls.

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It was built to house the former Continental Can Company, and later that company sold the property to Citrus Central Inc., a longtime major supplier to juice processing plants.

Crown, the Philadelphia-based metal can manufacturer, has several locations in Central Florida. Representatives were not immediately available to comment. According to its website, the company employs over 33,000 people and has net sales of $11.7 billion.

CBRE’s David Murphy, Monica Wonus and Cameron Thomas represented both sides of the deal, and were retained by the buyer to lease the property.

Murphy told GrowthSpotter its new owner plans to add some aesthetic improvements to the facility with some new paint on its exterior and landscaping.

Industrial annual lease rates in the area can range between $5 per square foot to $7 per square foot, triple-net, he said. On top of that, operating expenses can add $1.50 per square foot to almost $3 per square foot annually.

“The building is really designed in two sections: A warehouse component for more of a light assembly operation and a manufacturing component,” Murphy said. In addition, the site is fully fenced, has over 8,000 square feet of office space and includes 10 dock high loading doors.

“One of the most attractive selling points is it’s a large building in a market that doesn’t have a lot of large properties for lease," Murphy said.

The industrial site spans 18.7 acres next to the Florida Central Railroad and near Florida’s Turnpike and S.R. 429, which stretches around the western Orlando metropolitan area between I-4 in northwest Osceola County and S.R. 46 at Mount Plymouth in Lake County.

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State Road 429 passes through an enormous amount of new development, either recently completed or being planned, between Orange County’s Horizon West master-planned community and Mount Dora’s Wolf Branch Innovation District, which was activated, in part, to the construction of S.R. 453 (Wekiva Parkway) and expansion of S.R. 46.

A new interchange at Kelly Park Road, one of four interchanges that opened in 2018 as part of the $1.6 billion 25-mile Wekiva Parkway project, is also drawing new development, including a new medical campus owned by Orlando Health and several residential communities.

Cadence Partners is planning a 189,000-square-foot speculative industrial project on about 18 acres of land directly off the Daniel Webster Western Beltway in Apopka.

Murphy said he’s notice an increase amount of growth happening in northwest Orange County as a result of S.R. 429 and a growing pressure from companies to provide faster deliveries to its customers.

“As the shipping time condenses you have to move product closer to end users, and there’s no better location to serve all of Florida than Central Florida,” he said.

UR, founded in 1996, invests in commercial and multifamily projects throughout the United States and Puerto Rico. It currently holds an industrial portfolio of over one million square feet and has additional 400,000 square feet in the development pipeline.

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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.


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