The 63,380-square-foot Metric Industrial Center east of Winter Park has sold for a recorded $5.2 million to an affiliate of Boston-based High Street Realty Co.
The industrial warehouse at 4515 Metric Drive, north of University Boulevard, is 100 percent leased to two tenants, including original built-to-suit tenant Cort Furniture.
The warehouse built in 1999 on 4.12 acres, with dock-high loading bays, becomes part of a High Street portfolio that includes two similar warehouse properties purchased in 2016. High Street continues to seek out more property to acquire, said Bobby Isola, principal at Cite Partners, who represented the buyer, while a lack of large properties or portfolios on the market has been pushing a search for smaller properties.
"We're chasing down a few prospective off-market deals here in town, and hoping to piece things together," he told GrowthSpotter on Tuesday. "... Finding these one-off owners or investment groups in these kinds of buildings is getting harder and harder. They're trying to aggregate a larger portfolio, and the goal is to have more of a base here, increase their presence."
High Street's other holdings include warehouses on Shader Road in northwest Orlando (122,605 square feet on 9.47 acres) and on Sand Pond Road in Lake Mary (57,600 square feet on 4.25 acres). The investment group also has sold Orlando-area properties in recent years, Isola said. A mortgage in the amount of $2.99 million was recorded with Nebraska-based United of Omaha Life Insurance Co.
The three-suite building also is home to Austin, Texas-based fire-safety manufacturer Miraculum, said Monika Chappell, who along with Jim Wilder of Realty Capital Advisors represented the seller, an affiliate of Clonts Farms Inc. Family-run Clonts Farms had purchased the Metric facility in 2001 from developer Metric Partners Joint Venture for $3.06 million.
Market conditions made the timing right for a sale, with multiple buyers to pick from, when the Clonts family decided it was ready to move on from the property, Chappell said.
"It's getting harder to find a nice concrete tilt-up building that's well cared for, with good tenants, up for sale," she said. "... Especially in the east Orlando market, people tend to hold onto what they have out there."
Warehouse sale activity of late in the area include:
- A pair of warehouses on L.B. McLeod Road in Orlando totaling 119,468 square feet sold earlier this month to Pennsylvania-based Exeter Property Group for a recorded $9.1 million.
- A 15,251-square-foot warehouse on an acre with rail access in northwest Orlando sold for $1.425 million in July to Jacksonville-based Southeast Rigging, one of Metro Orlando's leading parts suppliers for construction cranes.
- Two adjacent, fully leased buildings totaling nearly 110,000 square feet at 4424 Seaboard Road and 4455 Dardanelle Drive in northwest Orlando sold for $5.7 million in July to Miami-based investor Brian Holland.