An aerial view of the Winter Garden Commerce Center industrial park at 661, 681 and 691 Garden Commerce Pkwy.
An aerial view of the Winter Garden Commerce Center industrial park at 661, 681 and 691 Garden Commerce Pkwy. (JLL)

New York-based global investment firm KKR just added another asset to its Orlando market portfolio.

The firm, which recently paid $46.8 million to acquire an apartment complex near the Disney parks, just paid $21.62 million for an industrial park in Winter Garden.

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The Winter Garden Commerce Center at 661, 681 and 691 Garden Commerce Pkwy. consists of four recently completed buildings collectively spanning 140,929 square feet.

According to a deed recorded in Orange County, WGCC Properties LLC was the selling entity. The company is led by Matthew E. Sullivan, a former principal at Cite Partners, and Rick Strube, co-founder of Winter Garden-based Florida Paints.

Decor manufacturing company proposes building HQ near downtown Winter Garden

The proposed corporate headquarters is being planned near the company's current location at the Apex Commerce Center, just west of S.R. 429.

Sullivan is currently a managing director at JLL. The companies merged last year in December when JLL hired all 20 of the boutique real estate firm’s employees. In July, JLL completed its acquisition of HFF Inc. for approximately $2 billion in cash and stocks.

Entity Tsm Industrial Park LLC, led by Strube, paid $563,000 to assemble the multi-parcel site in 2013. The properties had been foreclosed on about two years prior.

The industrial park sits on about 10 acres of land along East Story Road, west of S.R. 429.

Winter Garden Commerce Center was constructed in 2018 and features a mix of dock-high and grade-level doors, four ramps and a large truck court. Ceilings reach up to 24 feet, according to a press release.

JLL’s Bret Felberg, Britton Burdette and Pete Pittroff represented the seller. Sullivan, Wilson McDowell and Bobby Isola of JLL were tapped as the exclusive leasing partners and property management providers.

According to the release, the industrial park sold about 95 percent leased to local, regional and national tenants.

Not too far from its location, another development brought up by Sullivan but developed by BlueScope Properties Group, grabbed headlines last year when it signed on City Furniture as a tenant. The development, now called Park 429 Logistics Center, totals 446,000 square feet and resides at 639 E. Crown Point Rd. in Ocoee.

Sullivan sold the property with entitlements in 2017 for about $6.2 million. About a year later, BlueScope sold the completed development for $45.7 million to Black Creek Group, a Denver-based real estate investment manager and development firm.

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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