After putting down stakes in Orlando's small-bay flex industrial market in 2015, Miami Beach's Z Asset Management Corp. paid $4.1 million last week for a 4-acre business park next to Kissimmee Gateway Airport.
Built in 2004, the Armstrong Business Center is comprised of four multi-tenant flex warehouse buildings ranging in size from 7,800 square feet to 41,600 square feet.
Z Asset's Greg Zeifman entered the Orlando market three years ago with a portfolio of three industrial warehouse properties, and has steadily added to his Orlando-area holdings.
"This is the third deal I've done with him," Marcus and Millichap's Nicholas Hanson told GrowthSpotter on Thursday. "He bought it because he owns a lot of similar product in the Orlando MSA, and he wanted to (grow) his portfolio."
Hanson said two tenants had recently vacated the property, which provides the new landlord the ability to lease up those units at higher rents. Hold Thyssen will manage for the new owner.
"With small bay product, there's quite a bit of upside now in terms of being able to push value," he said.
Zeifman sourced a $2.87 million loan from CenterState Bank.
"This is the second property I sold for them," he said. "It was the last asset they owned in Orlando."