By Keith Loria
City Furniture signed a 10-year, 246,031-square-foot lease at The Park @ 429, a 613,400-square-foot Class A industrial park in Ocoee, Fla., with owner/developer BlueScope Property Group. The new lease brings the overall occupancy rate of the five-building complex to 76 percent occupied. The facility is expected to be delivered this April.
Located at 300 E. Crown Point Road, the property will serve as the home retailer’s distribution center for its Central Florida stores. City Furniture is scheduled to build out the interior, with plans to open in October. The industrial building boasts some of the best specs in the market, with 32-foot clear heights, tilt wall construction, 185-foot truck court, 85 trailer parking spaces and frontage on Florida State Road 429.
Cite Partners, which leases and manages the building, arranged the deal. The Orlando-based firm’s industrial team of Wilson McDowell, Matt Sullivan and Bobby Isola represented BlueScope Property Group in the lease negotiation. David Hale of Julius M. Feinblum Real Estate represented City Furniture.
“This is a significant deal for the Central Florida industrial market,” Matt Sullivan, Cite Partners’ managing director & principal, said in a prepared statement. “The Park @ 429 is the first institutional quality facility in the Ocoee/Winter Garden submarket. It’s a long-term deal with a new tenant in the market rather than a tenant relocating, so it’s pure net absorption in a location that is establishing a new submarket.”
The property offers access to the largest expressway intersection in Central Florida, between the Western Beltway, Florida’s Turnpike and the East-West Expressway, allowing strong access to Orlando and other popular cities in the state. The Park @ 429 is also within minutes of downtown Winter Garden, a vibrant commercial district with many food and entertainment options, as well as State Road 50 and Winter Garden Fowler Groves, a massive outdoor power center.
“As we prepare to open retail stores in Millenia and Altamonte Springs, we needed a distribution hub that could easily serve those stores, along with our stores in The Villages,” said Ryan Cronin, City Furniture’s vice president of real estate. “The Park @ 429 provides us with an ideal location near three major easy-to-access highways.”
Last year around this time, Cite Partners announced three deals with New Jersey-based Denholtz Associates, including the acquisition of a 256,838-square-foot Central Florida industrial flex portfolio.
Video courtesy of Cite Partners