An affiliate of the Boston, Massachusetts real estate investment firm TA Realty just sold a portfolio of industrial properties west of Orlando International Airport for $43 million.
According to a recently recorded deed in Orange County, seven companies, all tied to Irvine, California-based Richland Communities,bought a split interest in the assets, which are a clustered around the northeast corner of the Beachline Expressway and South Orange Avenue.
The buyers secured a $25 million mortgage from Atlanta-based Ameris Bank to finance the deal.
Occupancy was 96% upon transaction, Bonshire told GrowthSpotter.
The warehouse properties were built between 1986 and 1997. The largest building within the portfolio consists of 102,400 square feet and is located at 8500 Parkline Boulevard.
Records show TA Realty acquired the portfolio in 2006 for $25.5 million.
Overall, about 2.3 million square feet of industrial product was delivered across 20 projects within the first six months of 2020, with 38% pre-leased, according to a second quarter report by Cushman & Wakefield. Another 2.7 million square feet is under construction with 72% still vacant.
There’s about 19 million square feet of industrial space in the airport/Lake Nona submarket, according the report. About 2.5 million square feet in the area is vacant, amounting to a 13.2% vacancy rate. And more than 1.1 million square feet of industrial developments were recently completed in the area, according to the report.
Over the years, the submarket has seen an increased investor interest due in part to the growing Lake Nona community and a new $2.8 billion terminal at OIA that will bring the total number of workers to 2,500.
Foundry Commercial, for instance, recently completed the second phase of its Crews Commerce Center on the northeast corner of Orange Blossom Trail and West Taft Vineland Road. The second phase will consist of 430,000 square feet of industrial space across three buildings.
Once complete, the entire project will span a little more than 768,000 square feet.
On the southeast corner State Road 417 and Lee Vista Boulevard, Dallas-based Dalfen Industrial is planning a large industrial park with more than three million square feet of speculative industrial and distribution warehouse space.
The Cushman & Wakefield industrial team is handling leasing for the Dalfen asset. According to Bonshire, users will be able to occupy 500,000 square feet to 1.5 million square feet.