Boston-based Cabot Properties has picked up an Orlando area distribution campus in a $10.4 million transaction. The two building asset called the North Park Commerce Center, boasts 117,600 square feet and is located on Enterprise Way in the Lake Mary/Sanford industrial submarket. Built in 2009, the buildings feature tilt-wall construction, 41 dock-high doors, 10 drive-in doors, 24-foot clear heights, 40-foot by 50-foot column spacing, ESFR fire safety systems and T–5 lighting. At the time of the sale the center was 90 percent leased to Carrier Enterprise and Goodman Distribution. Cushman & Wakefield’s Capital Markets team of Executive Managing Director Mike Davis, Executive Director Michael Lerner and Executive Director Rick Brugge represented the seller, Atlanta-based McDonald Development Company in the disposition
“Today’s more sophisticated industrial tenants are looking for warehousing capability, ease of access and multi-purpose capability with both retail and office becoming key components,” said Lerner. “This changing dynamic has made high-quality, rear-load, dock-high, small bay industrial product, such as North Park Commerce Center, a high-demand product type. Although the majority of the Lake Mary/Sanford submarket inventory is comprised of older, less functional buildings, there is strong demand for quality, small bay, rear-load industrial space.”
