A multi-tenant industrial park in Apopka and a logistics center fully leased to CVS in Orlando recently sold in two separate transactions.
In Apopka, Miami-based Mandich Real Estate Advisors paid $25 million to acquire the Mid-Florida Freezer Warehouses at 2560 W. Orange Blossom Trail. The property features 500,000 square feet of freezer and industrial space across multiple warehouse buildings.
Orlando-based McNulty Group Inc. was the seller. Company spokesperson Cole Wynia said the asset sold nearly fully occupied. The company sourced a $23 million loan from City National Bank of Florida to finance the deal.
Records show McNulty Group paid $11.84 million for the property last year in December — meaning the company doubled its initial investment in less than three months.
In Orlando, an affiliate company of Phoenix-based Tratt Properties, paid $41.15 million for a 713,585-square-foot distribution center fully leased to CVS.
The pharmacy healthcare provider serves nearly 500 stores in Central and North Florida as well as Puerto Rico from the location.
Cushman & Wakefield’s Mike Davis, Wayne Ramoski, Rick Brugge, Rick Colon, Jared Bonshire and David Perez represented the seller.
The distribution center sits on 43 acres at 8201 Chancellor Drive. The project benefits from its proximity to Florida’s Turnpike, Interstate 4 and the Beachline Expressway.
Built in 1975, the single-story property features 24- to 35-foot ceiling heights, 97 dock positions and about 500 car parking spaces and 429 trailer parking spaces.
Tratt Propertie focuses on the acquisition and development of logistics properties.
The seller, Allegra Orlando LLC, is a closed-ended fund led by Jaime Baron Rivero and managed by real estate investment firm EXAN Capital. The company purchased the property in 2015 for $35.5 million.
Records show the buyer financed the deal with $28.6 million loan from Arizona Bank & Trust.
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