San Francisco-based IC Berkeley Partners, a vertically-integrated real estate investment and management firm focused on multi-tenant industrial space, bought its third warehouse property in Greater Orlando this week for $3.165 million and is actively looking for more, one of the company's partners told GrowthSpotter.
"We like Orlando, its population growth and the long-term opportunities in that market, and Kissimmee fit well into our portfolio," said Aaron Snegg, partner and head of real estate for Industry Capital, a parent company of commercial property manager Berkeley Properties.
"The economy there is really picking up, so we'll continue to grow (in Orlando) and actively look for more acquisitions of multi-tenant industrial," he added.
Located at 931 Armstrong Blvd., two blocks south of an intersection with W. U.S. 192, the 4.16-acre property known as Emerald Center has 68,744 square feet of leasable space. It falls within the Vine Street CRA of Kissimmee, and was previously owned by Crestgate Properties LLC.
The property was 57 percent leased at the time of acquisition, with a 29,000-square-foot unit available for lease soon. Berkeley will manage the property directly.
Berkeley Properties also owns warehouse properties in Sanford and Orlando, with 55 owned and operated warehouse assets nationwide, and roughly 5 million square feet overall for a portfolio that touches California, Texas and Florida, among seven states.