Goldman Sachs Pays $97M for Orlando Industrial Asset
JLL represented the seller, Scannell Properties.
Goldman Sachs Alternatives has acquired Turnpike Logistics Center, a mission-critical, 977,441-square-foot distribution facility in the Orlando industrial market. Scannell Properties sold the Class A asset for $97.25 million.
The cross-dock industrial property at 19800 S. O’Brien Road in Groveland, Fla., came online in 2023. It is fully leased to Duke Energy, which uses the property as its Florida headquarters and distribution hub.
Scannell Properties acquired the nearly 94-acre site in July 2021 for $10.5 million and secured a $48.8 million mortgage for the development from Pinnacle Bank, according to Yardi research data.
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The facility has 40-foot clear heights, 212 dock-high doors, four drive-in doors, 130-foot truck court depths and 550-foot building width. The property also has 331 auto spaces, 235 truck/trailer spaces and a 2.6-acre industrial outdoor storage yard.
The location offers connectivity to major transportation arteries including Florida’s Turnpike, U.S. Route 27 and interstates 4 and 75. The strategic position provides access to all of Central Florida and Duke Energy’s Southeastern U.S. service area within 10 hours.
The transaction isn’t the first between Goldman Sachs Alternatives and Scannell. In April 2024, the former purchased a 942,210-square-foot, Class A distribution center in Savannah, Ga., from Scannell for $100.6 million.
JLL team handles sale
JLL Capital Markets represented the seller. Senior Managing Directors John Huguenard and Luis Castillo, together with Managing Director Cody Brais, Associate Taylor Osborne and Analyst David Orta Jr., led the Investment Sales and Advisory team.
The Orlando industrial market has had 15 consecutive years of positive absorption so the JLL team anticipates continued strong performance throughout Central Florida’s industrial sector. The resilience and growth potential creates long-term value for institutional-quality assets like Turnpike Logistics Center.
Goldman Sachs industrial focus
Goldman Sachs Alternatives is one of the leading investors in real estate with more than $60 billion in capital invested since 2012 across all sectors, including industrial assets. In March, a joint venture between Goldman Sachs Alternatives and Lincoln Property Co. refinanced the second phase of Park303, a 2.4 million-square-foot industrial park in Glendale, Ariz.
In January, a joint venture of Goldman Sachs Alternatives and Dalfen Industrial acquired a 21-building, 2.1 million-square-foot logistics portfolio from Blackstone for $293 million in an off-market deal. The portfolio has assets in Dallas, Philadelphia, Pennsylvania’s Lehigh Valley, Cincinnati and Las Vegas with buildings ranging from 34,000 square feet to 260,000 square feet.
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