ORLANDO, FLORIDA – Cushman & Wakefield announced today that it has brokered the sale of two Class A industrial buildings in Airport Industrial Park of Orlando (AIPO).
The industrial brokerage team of Associate Director Jared Bonshire and Senior Associate David Perez brokered the sale of Southport Center and Palmbay Center. Bonshire and Perez represented the buyer in the transaction, High Street Realty Company. The seller was Southport Center @ AIPO LLC and Palmbay Center @ AIPO LLC.
Southport Center, located at 10805 Southport Drive, is a 74,965-square-foot distribution center built in 2007 on a five-acre parcel. Palmbay Center, located 10950 Palmbay Drive, is a 53,448-square-foot distribution center built in 2003 on a 3.1-acre parcel. The two state-of-the-art facilities are dock-high and sit adjacent to each other at the northeast corner for Palmbay Drive and Southport Drive. The properties are well-positioned in the Orlando Airport market.
This transaction follows a trend of increased investor interest in the Orlando industrial market driven by strong user demand, which has led to falling vacancies, and subsequently rental rate ascension due to the slow pace of new construction in key submarkets.
“The level of activity in industrial investment sales for the first quarter was the highest ever recorded,” wrote Florida Research Manager Chris Owen in Cushman & Wakefield’s 1Q 2015 Orlando Industrial MarketBeat report. “Vacancy continued to fall on heightened tenant expansion and rental rates have consistently increased with some submarkets achieving rents at pre-recession levels. Cushman & Wakefield forecasts further growth in the industrial markets fundamentals throughout the rest of 2015.”
Cushman & Wakefield advises and represents clients on all aspects of property occupancy and investment. Founded in 1917, it has 259 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services to its occupier and investor clients for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, appraisal, consulting, corporate services, and property, facilities, project and risk management.
jared.bonshire (at) cushwake (dot) com
david.perez (at) cushwake (dot) com