{"id":1004543992,"date":"2021-07-19T04:21:47","date_gmt":"2021-07-19T12:21:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004543992"},"modified":"2022-12-08T22:05:08","modified_gmt":"2022-12-09T06:05:08","slug":"floridas-largest-warehouse-commands-127m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/floridas-largest-warehouse-commands-127m\/","title":{"rendered":"Florida\u2019s Largest Warehouse Commands $127M"},"content":{"rendered":"
\"\"<\/a>

Keystone Distribution Center. Image courtesy of Cushman & Wakefield<\/p><\/div>\n

IP Capital Partners, of Boca Raton, Fla., and Torchlight Investors, of New York, have acquired Florida Keystone Distribution Center, a 1.9 million-square-foot warehouse in Ocala, Fla., for $126.5 million.<\/p>\n

Cushman & Wakefield arranged the sale and secured $102 million in acquisition financing through PIMCO on behalf of the buyers.<\/p>\n

The seller was Reich Brothers, of White Plains, N.Y., which specializes in repurposing underutilized industrial assets.<\/p>\n

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READ ALSO<\/strong>: Industrial Lenders Keep It Simple<\/a><\/p>\n

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The property features 36-foot clear ceilings, 150 dock-high and seven drive-in loading doors, 2,402 trailer parking spaces, an ESFR fire sprinkler system and full air-conditioning.<\/p>\n

Florida Keystone Distribution Center is at 655 S.W. 52nd Ave., near the I-75\/Highway 40 interchange and Ocala International Airport. It was built in 1990 and sits on a 169-acre site, according to information provided by CommercialEdge.<\/p>\n

The property is Florida\u2019s largest industrial warehouse and is fully leased to Costco-Innovel and Transformco. Innovel is the last-mile logistics provider that Costco acquired last year from Sears\u2019 holding company for about $1 billion.<\/p>\n

Cushman & Wakefield\u2019s Mike Davis, Adam Spies, Rick Brugge, Rick Colon, Kevin Donner and Dominic Montazemi, with assistance by Zach Eicholtz and Brooke Tulley, represented the seller.<\/p>\n

Jason Hochman, Brian Linnihan, Michael Ryan and Ron Granite of Cushman & Wakefield\u2019s Equity, Debt and Structured Finance team represented the buyer with respect to the financing.<\/p>\n

Ocala has emerged as one of the premier statewide distribution locations for Florida, Davis said in a prepared statement. He added that this property \u201chas significantly below market rents providing the investor future upside upon rollover.\u201d<\/p>\n

Big deals, strong growth<\/h2>\n

Another sizable warehouse traded in Ocala last year, when Lexington Realty Trust acquired the 617,000-square-foot Florida Crossroads Logistics Center<\/a> for $58 million from a joint venture led by Redrock Developments and Wharton Industrial.<\/p>\n

More recently, Intercontinental Realty paid $106 million to purchase a 710,900-square-foot distribution center in Lakeland, Fla.<\/a>, in April. The property, Dragstrip Logistics Center, was sold by the developer, Ackerman & Co., and is fully leased to Amazon.<\/p>\n

The Central Florida industrial market saw strong growth in the second quarter, with absorption of about 4.1 million square feet, as unemployment in the region continues to drop, according to a report from Newmark. Meanwhile about 7.0 million square feet of industrial space was delivered in the past 12 months, yet overall vacancy decreased by 40 basis points.<\/p>\n","protected":false},"excerpt":{"rendered":"

Cushman & Wakefield arranged the sale on behalf of Reich Brothers and secured acquisition financing. <\/p>\n","protected":false},"author":882,"featured_media":1004544016,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21748,21783,21742],"tags":[32799,43898,50999,47924,34948],"class_list":["post-1004543992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-industrial","category-investment","category-latest","tag-cushman-wakefield","tag-ip-capital-partners","tag-newmark","tag-reich-brothers","tag-torchlight-investors"],"acf":[],"yoast_head":"\nFlorida\u2019s Largest Warehouse Commands $127M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/floridas-largest-warehouse-commands-127m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Florida\u2019s Largest Warehouse Commands $127M\" \/>\n<meta property=\"og:description\" content=\"Cushman & Wakefield arranged the sale on behalf of Reich Brothers and secured acquisition financing.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/floridas-largest-warehouse-commands-127m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-07-19T12:21:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T06:05:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Keystone-Distribution-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"530\" \/>\n\t<meta property=\"og:image:height\" content=\"397\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/floridas-largest-warehouse-commands-127m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/floridas-largest-warehouse-commands-127m\/\",\"name\":\"Florida\u2019s Largest Warehouse Commands $127M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/floridas-largest-warehouse-commands-127m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/floridas-largest-warehouse-commands-127m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Keystone-Distribution-Center.jpg\",\"datePublished\":\"2021-07-19T12:21:47+00:00\",\"dateModified\":\"2022-12-09T06:05:08+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/61ac1450f3ffaa0e850b834c28526555\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/floridas-largest-warehouse-commands-127m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/floridas-largest-warehouse-commands-127m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/floridas-largest-warehouse-commands-127m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Keystone-Distribution-Center.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/07\/Keystone-Distribution-Center.jpg\",\"width\":530,\"height\":397,\"caption\":\"Keystone Distribution Center. 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