A joint venture led by Redrock Developments and Wharton Industrial has sold Florida Crossroads Logistics Center, less than one year after completing development of the 617,000-square-foot facility in Ocala, Fla. With the assistance of Cushman & Wakefield, the partners sold the fully leased, state-of-the-art facility to Lexington Realty Trust in a transaction valued at $58.4 million.
Developed as a spec project at a cost of approximately $43 million, Florida Crossroads occupies a 46-acre site at 3400 N.W. 35th St. within the Ocala/Marion County Commerce Park. The joint venture, which includes Westport Capital Partners LLC, had acquired the development site for approximately $7.1 million in 2018, according to Marion County property records. Just before construction of the project reached completion in the fourth quarter of 2019, the developers signed e-commerce giant Amazon to a 10-year lease of the entire building. The property’s location along the industrial corridor off I-75 allows for same-day delivery to more than 14 million people.
Cushman & Wakefield’s Mike Davis, Stewart Calhoun, Rick Brugge, Rick Colon and Casey Masters represented Redrock et al in the sale of Florida Crossroads to Lexington.
Sunshine state industrial
Florida’s industrial real estate sector is faring well amid the coronavirus-induced economic uncertainty. “As the world reacts to the COVID-19 pandemic, demand from industrial users will change with the potential for powerful impacts on Florida markets,” Cushman & Wakefield noted in a report released in May. “Industrial space is traditionally the most nimble and responsive to immediate changes in the economy, ramping up quickly when demand rises with projects shelved just as fast as the economy softens.”
In addition to the Florida Crossroads transaction, other recent industrial trades in Florida include LBA Logistics’ acquisition of Sand Lake Commerce Center in Orlando in a $26.4 million deal.