ORLANDO—Four multitenant industrial properties have traded hands in Central Florida. One in Winter Park, FL and one in Altamonte Springs, FL.
William Bradford and Tom McFadden principals of Lee & Associates Central Florida, represented the sellers, Carolstan Properties and K.B. Lemieux for the industrial properties at 6438 and 6450 University Boulevard in Winter Park and 615 Superior Commerce Boulevard in Apopka, FL. The four properties combined for 148,111 square feet of industrial space with a transaction value at $7.68 million.
“The buyer of the University Boulevard and Superior Commerce Properties, Maryland-based Evista Holdings, purchased all three buildings and plan to hold them for investment purposes as well as the development of a future retail outparcel on University Boulevard,” Bradford tells GlobeSt.com. “Planning is underway for that to occur.”
Jason Bantel, also of Lee Central Florida, represented the seller, Crakes & Son’s, for the property located at 1010 Bunnel Street in Altamonte Springs, FL. Orlando-based AK American Investments, which was represented by Dale Donovan of KW Commercial, purchased the 100% leased Altamonte Springs property as a long-term investment.
“Recently, we’ve had an uptick of new construction being delivered to the market, which is putting downward pressure on rents,” Andrew Wright, CEO and managing partner of Franklin Street, tells GlobeSt.com. “Central Florida has experienced year-over-year rent growth since 2009, but that’s not sustainable in the future. We don’t expect to see a huge drop-off like during the recession, but we could definitely see it stall.”