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National real estate investor buys industrial buildings and development site near Orlando International Airport

A rendering of the Sand Lake Commerce Center.
A rendering of the Sand Lake Commerce Center. (Cushman & Wakefield)

National industrial real estate investment and management company LBA Logistics just paid $26.4 million for two recently completed industrial buildings and a development site near Orlando International Airport.

Atlanta-based McDonald Development sold the property that combined totals a little more than 230,000 square feet of spec industrial space across two sister buildings, completed in December.

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The 20-acre development site, called the Sand Lake Commerce Center, also features a vacant 1.3-acre retail outparcel located directly along the northeast corner of Winegard Road and Sand Lake Road.

The development sold about 20 percent leased to architectural surfacing supplier Cosentino.

An early conceptual site plan of McDonald Development's Sand Lake Commerce Center.
An early conceptual site plan of McDonald Development's Sand Lake Commerce Center. (McDonald Development)

Cushman and Wakefield’s Mike Davis, Rick Brugge, Rick Colon, Mark Hardee, and Zach Eicholtz brokered the deal during the construction period. Lee & Associates is marketing the space for lease.

In 2018, GrowthSpotter reported of plans submitted by McDonald to develop the commerce center. The project consists of two multi-tenant industrial buildings of roughly 79,200 and 150,925 square feet of space.

The company helped finance the construction of the buildings with a $15.4 million loan from SunTrust Bank, now doing business as Truist Financial. Features include tilt wall construction, tinted glass and up to 30-foot tall clear ceiling heights.

There are currently 41 industrial facilities over 10,000 square feet under construction in the Orlando Metro Area, totaling 5.7 million square feet, according to a CBRE first quarter industrial report.

Commercial real estate investors and developers are hankering to be near Orlando International Airport as brokers predict OIA will be the number one busiest airport in the next 10 years.

About 212,920 square feet of industrial space, across three projects, were completed during the first quarter.

Significant businesses that have occupied spaces this year include CortBusiness Services taking up about 376,600 square feet of warehouse space in Prologis’ Beltway Commerce Center at 10910 Lee Vista Boulevard.

And in the Southwest Orange County submarket, Universal City Development moved into 156,660 square feet of distribution space in Orlando Central Park, according to the report.

McDonald Development has a reputation for selling to big institutional players and private investment companies. Last year, it sold its nearly 160,000-square-foot warehouse facility at 7455 Emerald Dunes Dr. for $15.5 million to Los Angeles-based real estate investment trust Colony Capital — the same firm that reputably sold 474 acres near Universal Boulevard in 2015 for $130 million.

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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