Orlando, FL – November 29, 2011 – (RealEstateRama) — November 29, 2011 – CBRE announced today the 60,000-square-foot new lease acquisition by Hilldrup United Van Lines at Cypress Park East, Building 5 in Orlando. The established moving and storage company followed suit of many tenants in today’s market of a flight-to-quality trend by taking advantage of favorable rates in high-quality industrial product.
CBRE Senior Vice President David Murphy represented Hilldrup in the transaction; “Current market conditions strongly favor tenants,” said Murphy. “In this particular deal, the market presented several options for Hilldrup’s requirements. With a highly competitive environment among landlords and Hilldrup’s commitment to a five-year lease term, our client was able to relocate to a newer, state-of-the-art facility with a significant reduction in rent compared to their present location.”
Hilldrup United Van currently occupies 60,000 SF at nearby facility built in 1989. The location at Cypress Park East—built in 2005—offers newer industrial construction features including 30-foot clear height which allows greater space utilization, ample trailer storage, and early suppression fast response fire protection. Hilldrup will take occupancy in January 2012.
Murphy was joined by Rich McDaniel of CBRE’s Fredericksburg affiliate office in providing tenant representation services to Hilldrup. Wilson McDowel and Matt Sullivan of Colliers International represented the landlord.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Contact:
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
