Cushman & Wakefield has arranged the sale of Airport Commerce Center, a seven-building small bay industrial park located in Orlando’s Airport Lake Nona submarket. The final sale price was $43 million.
Mike Davis, Rick Brugge, Rick Colon, Dominic Montazemi, Zachary Eicholtz and Ryan Jenkins of Cushman & Wakefield represented the seller, TA Realty, in the transaction.
Affiliates of Richland Capital Holdings, a Tampa, FL based diversified real estate investment company, acquired the property.
“We are excited about the purchase of Airport Commerce Center as it represents a stabilized, institutional-quality industrial asset located virtually adjacent to the Orlando International Airport in a supply-constrained and vibrant submarket of Orlando,” said Matt Bray, CEO of Richland.
Airport Commerce Center marks Richland Capital Holdings’ third industrial acquisition in Central Florida over the past nine months, bringing their total industrial holdings in the region to just under 500,000 square feet. Richland expects to continue their expansion of industrial holdings in Central Florida in the coming months.
“Despite the near-term headwinds related to the pandemic, we believe that Central Florida has great long-term growth prospects across a variety of real estate asset classes,” Bray said.
“Airport Commerce Center offered a fantastic opportunity for Richland to invest in a property with a premier infill location, prime accessibility to major roadways, and a diverse tenant base with upside potential,” Davis added.
“Additionally, the property has a strong historical performance with an average occupancy of 92% over the last 10 years, which is largely attributable to the lack of directly competitive small-bay industrial product,” Colon said.
Located on 25 acres at the Northeast Corner of South Orange Avenue and the Beachline Expressway, the 319,386-square-foot property offers connectivity to Orlando via several major thoroughfares. The property is fully leased to a strong tenant roster which includes Panera Bread, Tesla, Economy Rent a Car and Chrysler. Airport Commerce Center includes 866 parking spaces for a ratio of 2.7/1,000 sf, dock-high loading, and flexible zoning.