The LeeVista Business Center, a 479,100 sqf warehouse and distribution portfolio adjacent to the Orlando International Airport has been purchased by Los Angeles-based Colony Capital for $47.9 million. Trading for $100 per square foot, the transaction sets a per-square-foot record for pricing of an Orlando multi-tenant warehouse and distribution facility. The property encompasses three Class A, rear-load warehouse and distribution facilities developed between 2009 and 2016 on 27 acres. The facility features tilt-wall construction, glass and aluminum storefronts, 24-foot to 30-foot clear heights, truck courts with 60-foot concrete aprons. LeeVista Business Center was 84 percent leased at the time of sale with notable tenants including Thales USA, ThyssenKrupp Industrial Services, Siemens Corporation, Carrier and DHL Global Mail.
Cushman & Wakefield’s Capital Markets brokerage team represented the seller, Atlanta-based McDonald Development Company in the disposition. “This portfolio had all the attributes that discerning investors covet including high-quality construction, credit tenants, limited near-term rollover and an outstanding location adjacent to Orlando International Airport,” said Michael Lerner, Cushman & Wakefield. “As a result, the offering was hotly contested, and our client was able to achieve premium pricing.”
