Jones Lang LaSalle Incorporated : Mission-critical industrial facility near Orlando sells for $71.45M

ORLANDO, Fla., December 2, 2020 - JLL announced today that it has closed the $71.45 million sale of a new, 289,839-square-foot, Class A, mission-critical industrial facility in the Orlando-area community of Apopka, Florida.

JLL marketed the property on behalf of the seller, BlueScope Properties Group. Realty Income Corporation purchased the asset. Additionally, JLL brokered the long-term, net lease build-to-suit with the investment-grade tenant.

Situated on 21.2 acres, the distribution center is within the 180-acre Mid-Florida Logistics Park, which is home to several other corporate users. The property is on the arterial State Route 429, which provides alternative access to the entire Orlando MSA. Additionally, with completion of the nearby Beltway project, connectivity to the region will increase. The North Orange County Industrial submarket location places the property in one of the fastest-growing markets in the state and provides a deep labor pool along with amenities.

Completed in July 2020, the property is fully leased to a global beverage company. The building has institutional-quality features, including 10 dry-dock doors with full equipment, 36-foot clear heights, ESFR sprinklers, LED lighting, cold storage space with capacity for 6,200 pallets, five cold dock doors to allow minimal temperature loss during handling and ample parking. An adjacent land parcel was included in the sale to allow for a future expansion of up to approximately 90,000 square feet.

'We are extremely proud of this premier industrial park and the world-class users that have made it their home,' said Scott Alexander, the president of BlueScope Properties.

'This was an extremely competitive and well-run process by JLL that resulted in a fantastic result for all parties involved,' added Matt Roth, BlueScope Properties Group vice president and general counsel.

The JLL Capital Markets team representing the seller was led by Senior Managing Director John Huguenard and Managing Directors Sean Devaney, Julia Silva and Luis Castillo, along with debt support from Senior Director Brian Walsh and Senior Managing Director Keith Largay.

'Given the long-term investment grade tenancy with an iconic name brand, the interest in the offering was extremely strong, generating attention from both foreign and domestic capital,' Devaney said. 'The growing demand in the cold storage space was evident in this transaction, while the favorable debt markets help to drive market leading pricing.'

The JLL Agency Leasing team that secured the tenant for BlueScope Properties Group was led by Managing Directors Wilson McDowell, Matt Sullivan and Bobby Isola.

'This was a great team effort selling an excellent piece of industrial real estate in the most active industrial submarket in Central Florida,' McDowell said. 'The 429 corridor is going to see a ton of activity from tenants, investors and developers for years to come.

'Getting the lease across the finish line for BlueScope was big win for everyone involved but was only the first step in accomplishing BlueScope's goals,' he added. 'Working together with the JLL Capital Markets team, we were able to create a great roundtrip deal.'

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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