LBA Logistics, an Irvine, Calif.-based industrial real estate investment and management firm, has expanded its Florida holdings with the acquisition of Sand Lake Commerce Center in Orlando, Fla., for $26.4 million. LBA purchased the two-building, Class A, 230,117-square-foot industrial asset near Orlando International Airport from the owner and developer, McDonald Development Co.
Sand Lake Commerce Center, located at 7705-7725 Winegard Road, near the intersection with Sand Lake Road, was completed in December 2019. The property is situated on a 20.3-acre site and has a vacant retail outparcel on a hard corner. Features include tilt wall construction, 28-foot to 30-foot minimum clear heights, ESFR fire protection, three-phase power, a shared tuck court with 60-foot concrete aprons and tinted glass with aluminum storefronts.
Mike Davis of Cushman & Wakefield said in prepared remarks that Sand Lake Commerce Center provided a rare opportunity to acquire a Class A industrial asset in Orlando. He noted the property had robust interest from investors who were seeking infill last-mile industrial buildings. Davis was among the Cushman & Wakefield team members who arranged the sale on behalf of McDonald Development. He was joined by Rick Brugge, Rick Colon, Mark Hardee and Zach Eichholtz.
Colon said in prepared remarks the modern construction and Sand Lake Road frontage provided a clear leasing advantage over competition in the area, where industrial assets were built in the 1980s and 1990s. The property was in contract to sell during the construction period and was 20 percent leased at the time of closing.
McDonald Development has been active in the Orlando industrial market. In 2016, Cushman & Wakefield, including Davis and Brugge, represented McDonald when it sold LeeVista Business Center, a 479,100-square-foot warehouse and distribution center adjacent to Orlando International Airport, to Colony Capital for $47.9 million. In April 2018, McDonald Development contracted with Cushman & Wakefield | Thalhimer to market the 458,754-square-foot Carolina Commerce Center, a Greer, S.C., property the firm was building near the Greenville/Spartanburg Airport on nearly 43 acres.
Last year in March, LBA Logistics, which also owns industrial sites in Jacksonville, Fla., and Winter Park, Fla., acquired 3771 Channel Drive, a 624,356-square-foot warehouse and distribution center in West Sacramento, Calif., from Sacramento Foodco Investors in a private deal.