FL Industrial Park Sells for $49M
A joint venture led by Blue Vista Capital Management acquired an 820,000-square-foot property in Longwood. The asset offers easy access to the northern Orlando metro.
A partnership between Blue Vista Capital Management and Logistics Investment Management has acquired American Industrial Center in Longwood, Fla. According to public records, the asset traded for $49 million. The seller was a family-owned company specialized in industrial and warehouse spaces for lease in Central Florida.
Located at 830 S. Ronald Reagan Blvd., the 820,000-square-foot park offers quick access to the northern Orlando metropolitan area. The park, which was 95 percent occupied at the time of sale, consists of 28 buildings constructed using non-combustible, steel frames and 10-foot masonry lower walls on 6-inch concrete slabs. The facilities are equipped with sprinklers, are insulated and have both dock-high and grade-level access. The asset’s parking is designed for a WB-50 turning radius, while the dock-high doors are either 10- or 14-foot tall.
“The transaction is one of the largest industrial park sales in the history of the Orlando market,” said Nicholas Hanson, senior associate in Marcus & Millichap’s Orlando office, in prepared statements. Hanson and Douglas Mandel, Marcus & Millichap senior managing director of investments with the company’s Fort Lauderdale branch, negotiated the deal on behalf of the buyer.
Last November, Blue Vista Capital Management teamed up with Endurance Real Estate Group to break ground on a 125,000-square-foot built-to-suit facility in Pittston, Pa. The project is slated for completion in the third quarter.
Image via Google Street View
You must be logged in to post a comment.