Neighboring single-tenant warehouse properties in Lincoln International Corporate Park, near Orlando International Airport, sold on June 9 for $15.9 million overall, the New York-based buyer told GrowthSpotter.
Located at 8633 and 8601 Transport Dr., east of Orlando International Airport with close access to the Beachline Expressway, the two lots total 13.81 acres, with buildings built in 2008 that total 235,000 square feet under roof.
The properties were sold by Ppf Lincoln Icp LLC, an affiliate of Noble Investment of Atlanta, and bought by GPT Transport Owner, a Florida LLC created April 28 by New York-based Gramercy Property Trust.
"We own several properties in South Florida, two in Jacksonville, and have been trying to buy in Orlando for some time," said Nicholas Pell, managing director and head of investments at Gramercy. "We really like the positive demographics there, population-wise, and think it's a sound industrial market that we want a presence in."
Based on the warehouses' gross space under roof, Gramercy paid roughly $68 per square foot. That's less than the $77 per square foot that two Class A warehouse properties directly west of Orlando International Airport sold for on June 5 to a Boston-area investment group.
Orlando has had little new industrial warehouse space built over the past five years, and existing facilities available for purchase are being leased up to create value or sold at steadily rising prices, local commercial real estate brokers told GrowthSpotter last week.