New Jersey-based Denholtz Associates and Washington, D.C.-based private equity firm Militello Capital have paid $12.05 million for an 8-building light industrial center in Orlando. Located on a 19.5 acre site, the 254,915 sqf asset changed hands for just over $47 per sqf. Silver Star Commerce Center’s warehouse and office space is 95 percent leased to 31 tenants. Holliday Fenoglio Fowler arranged a $11.2 million three-year, floating-rate acquisition loan provided by Rialto Capital Management. Proceeds will be used to purchase the property and make capital improvements, including a new façade, new tailboard and dock levelers, constructing truck wells and replacing the tenant entrance doors.
“Denholtz Associates has an extensive business plan that will enable them to attract and retain high-quality tenants to the property and increase the net operating income annually moving forward,” said managing director Michael Klein, HFF. “Rialto was able to provide a short-term, floating-rate loan at maximum proceeds that will enable the borrower to execute its plan and reposition it for the future.”
