Denholtz Associates has secured $12.9 million in acquisition financing for Cypress Industrial Park, a five-building light industrial portfolio totaling 256,838 square feet in southern Orlando. Holliday Fenoglio Fowler arranged the financing on behalf of Denholtz with a 10-year, fixed-rate loan provided by Principal Global Investors. The portfolio, which is located at 9500-9901 Satellite Boulevard, is five miles east of Orlando International Airport and seven miles east of the Orange County Convention center. The buildings are 98.5 percent leased and are divided into 28 units and feature tilt-wall construction and have an average clear height of 19.6’.
“This acquisition is a perfect complement to Denholtz’s growing Florida portfolio and its business model, which specializes in assets of this size with many tenants,” HFF’s managing director Michael Klein said. “Principal is very experienced in this market as both an investor and lender, so they quickly understood the deal, were able to provide terms that enabled the borrower to meet their return requirements and were able to underwrite and close the loan within a relatively short closing period.”
