Commercial Real Estate, Capital, Insurance, Leasing & Management

Developer to raze Orlando defense site for new commercial development

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Lincoln Property Co. — one of the most active developers in Orlando — wants to build a new commercial development on a site that has been used for defense purposes for decades.

Excerpted from Orlando Business Journal story.

Cubic, which just sold the site to Lincoln Property, has been looking for a new location in Orlando for almost two years. It occupies roughly 50,000 square feet of space on the Oak Ridge property and expects to leave before mid-2020, spokeswoman Crystal Nguyen said. Cubic Corp. has been wanting to shift its local operations to east Orlando’s Central Florida Research Park since November 2017. That campus currently houses Cubic’s subsidiary, Cubic Defense Applications Inc.

Lincoln Property’s Ch Realty VIII-Lpc I Orlando Oak Ridge LLC bought the roughly 20-acre site from Cubic Simulation Systems Inc. for $11 million, according to Orange County records. The sale was recored June 11. The site features more than 420,000 square feet of industrial space built between 1971-1998. Lincoln Property couldn’t be reached for comment.

“The buildings are dated and probably don’t have proper ceiling height,” said Larry Kahn, senior director industrial with Tampa-based Franklin Street, who isn’t involved with the deal. “It makes sense to scrap it and do what they’re going do.”

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