Los Angeles and New York-based investor Colony NorthStar has acquired a four-building warehouse and distribution complex in Orlando. The investor paid $67 million for the 946,379 sqf asset in Orlando’s Southwest Industrial Corridor or approximately $71 per sqf. The complex encompasses Beachline Distribution Center I, Beachline Distribution Center II, Crossroads Business Park V and Crossroads Business Park VI. Built between 1997 and 2001, the assets host national tenants FedEx Smartpost, Dusobox, McKesson, Mattress One, Petco and US Mattress Depot. It’s one of the largest industrial portfolios ever offered for sale in Orlando was 100 percent leased at the time of the sale. The Capital Markets team of Cushman & Wakefield represented a state pension fund advised by Dallas-based investor L&B Realty Advisors, LLP in the disposition.
“Orlando remains a target market for investors due to its access to the Southeast,” added Mike Davis, Executive Managing Director Cushman & Wakefield . “At a time when eCommerce and shipping have come to the forefront of our economy, this market is viewed as a premier location for distribution throughout the region.”
