High Street Pays $32M for Orlando Industrial Asset
A TPG Real Estate Partners industrial platform sold the nearly 250,000-square-foot facility.
High Street Logistics Properties has purchased Building 5 at Mid Florida Logistics Park, a 246,460-square-foot cross-dock facility in Apopka, Fla., within the Northwest Orlando submarket. The property changed hands for $31.8 million, with the buyer securing a $15.9 million acquisition loan from United of Omaha Life Insurance Co., with a maturity date set for June 2032, according to Orange County public records.
Dogwood Industrial Properties, a TPG Real Estate Partners platform, sold the asset that is fully leased to manufacturer and distributor of automotive part Kramer America. JLL represented the seller in the transaction.
READ ALSO: New Industrial Completions U.S.
The Class A facility is at 3040 Shelby Industrial Drive on a nearly 16-acre lot. It is close to U.S. routes 429 and 441 as well as to Interstate 4, allowing easy access across the Orlando, Lakeland, Fla. and Tampa metro areas. Downtown Orlando is 22 miles from the property, while Orlando Sanford International Airport is within 29 miles and Orlando International Airport is 33 miles away.
Building 5 at Mid Florida Logistics Park came online in 2021 and features 36-foot clear heights, four drive-in doors, dock-high doors, a 184-foot-deep truck court and nearly 45 vehicle parking spots. The asset previous traded in 2021, when BlueScope Properties Group sold it to TPG for $27 million, according to CommercialEdge information.
Additionally, the facility is part of Mid Florida Logistics Park, a 180-acre industrial campus totaling nearly 2.4 million square feet across five buildings. According to developer BlueScope, the park is one of the few locations in Orlando with active rail access.
Senior Managing Director Luis Castillo, Managing Director Cody Brais, Associate Taylor Osborne and Analyst David Orta Jr. of JLL Capital Markets negotiated the current deal on behalf for Dogwood.
Orlando’s industrial market expected to stabilize
Following a surge in construction and industrial deliveries, the Orlando market is stabilizing, with absorption now aligning with long-term trends, according to a recent Avison Young report.
In the first quarter of this year, the metro’s vacancy rate dipped to 7 percent—down 30 basis points since the previous quarter—while net absorption rebounded to 645,534 square feet, one of the strongest figures in the past year. With construction starts slowing and demand improving, the report points to a period of market stabilization and renewed leasing momentum in the months ahead.
You must be logged in to post a comment.