Buyers’ Interest in Airport-Area Assets Gains Altitude
- Jun 19, 2015
Two distribution centers changed ownership in Airport Industrial Park of Orlando, west of the Orlando International Airport. High Street Realty Co. acquired 10805 Southport Drive and the adjacent Palmbay Center at 10950 Palmbay Drive.
The company was represented in both transactions by Cushman & Wakefield Inc.’s Associate Director Jared Bonshire and Senior Associate David Perez. The sellers were Southport Center @ AIPO L.L.C. and Palmbay Center @ AIPO L.L.C. Financial terms were not disclosed.
Cushman & Wakefield’s market analysts suggest that the deal reflects increased investor interest in the area, along with the slow pace of new construction in key submarkets. Southport Center is a 74,965-square-foot distribution center built in 2007 on a five-acre parcel. Palmbay Center was built in 2003 on a 3.1-acre parcel and offers 53,448 square feet of space.
High Street Realty is a private equity real estate investment management company specializing in institutional-quality industrial properties in major logistics markets across the eastern two-thirds of the United States, according to their website. These include low-finish single and multi-tenant warehouse and distribution properties and portfolios in infill locations. Their current investment criteria lists target markets like South Florida, Baltimore/Washington, D.C., Chicago, Dallas, Houston, Atlanta, northern New Jersey and Philadelphia.
Image source: cushwakeorlando.com