By Robert Demeter
Orlando, Fla.—HFF has arranged $12.9 million in acquisition financing for Cypress Industrial Park, a five-building light industrial portfolio totaling 256,838 square feet, located in southern Orlando, the company announced recently. The asset traded in January for approximately $19 million.
HFF worked on behalf of the borrower, Denholtz Associates to place the 10-year, fixed-rate loan with Principal Global Investors. Senior managing directors Jon Mikula and Michael Weinberg and Managing Director Michael Klein led the debt placement team representing the borrower.
Cypress Industrial Park consists of five single-story light industrial buildings built between 1987 and 1997. The buildings are divided into 28 units and range in size from 13,807 to 51,060 square feet. The units feature tilt-wall construction and have an average clear height of 19.6 feet and a 33 percent office finish. The property is 98.5 percent leased to a variety of tenants, including Total Logistics Services, Rock ‘Em Apparel, Airstar, Hanger Prosthetics and more.
Situated on 23.5 acres at 9500, 9535, 9603, 9777 and 9901 Satellite Blvd., Cypress Industrial Park offers convenient access to U.S. Route 441, State Route 528 and Florida’s Turnpike. The portfolio, which is located in the Orange County Light Industrial market, is 5 miles east of Orlando International Airport and 7 miles east of the Orange County Convention center.
“This acquisition is a perfect complement to Denholtz’s growing Florida portfolio and its business model, which specializes in assets of this size with many tenants,” Klein said in prepared remarks. “Principal is very experienced in this market as both an investor and lender, so they quickly understood the deal, were able to provide terms that enabled the borrower to meet their return requirements, and were able to underwrite and close the loan within a relatively short closing period,” concluded Klein.
Image courtesy of Denholtz Associates