Warehouses sell in a baker’s dozen for $17.5 million
A Miami-based firm bought 13 small-bay warehouses in three Orlando-area business parks
October 15, 2016 01:30PM
GoldenRod CommercCenter in Orlando
Brokerage firm Marcus & Millichap negotiated a $17.5 million sale of 13 warehouses in Orlando and nearby Sanford to a Miami-based buyer.
Three limited liability companies sold the 289,346-square foot-industrial real estate portfolio for about $60 per square foot to Miami-based Orlando Industrial 3 RE, LLC, managed by Michael Kramer.
The 13 small-bay warehouses are located three business parks: GoldenRod CommercCenter and Hanging Moss CommercCenter in Orlando and Monroe CommerCenter South in Sanford.
The sale closed October 5, and according to Marcus & Millichap, the purchase price was below the replacement cost of the warehouse portfolio.
Douglas K. Mandel, a senior vice president in the Fort Lauderdale office of Marcus & Millichap, represented the buyer and the sellers together with two of his colleagues in the brokerage firm’s Orlando office: senior associate Robbie McEwan and office investment associate Nicholas Hanson.
“Leasing activity for space under 20,000 square feet continues to be in high demand as more tenants are utilizing single-story flex space versus traditional office space, which should prove very profitable for Mr. Kramer,” Mandel said in a Marcus & Millichap press release.
Including the sale to Kramer’s company, Mandel has closed 29 property sales totaling about $275 million so far this year.
Source: The Real Deal