Mike Davis, Michael Lerner and Rick Brugge Represented McDonald Development Company in the Disposition of the Two-Building Class A Distribution Campus in Suburban Orlando
ORLANDO, FL, March 24, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of North Park Commerce Center, a 117,600-square-foot, two-building distribution campus in Sanford, FL.
The Capital Markets team of Executive Managing Director Mike Davis, Executive Director Michael Lerner and Executive Director Rick Brugge represented Atlanta-based McDonald Development Company in the disposition. Boston-based Cabot Properties acquired the assets for $10.4 million ($88 per square foot).
North Park Commerce Center comprises two Class A, small bay, rear-load, dock-high distribution buildings. Developed in 2009, the buildings feature best-in-class tilt-wall construction, 41 dock-high doors, 10 drive-in doors, a 190-foot shared concrete truck court, 24-foot clear heights, 40-foot by 50-foot column spacing, ample parking, ESFR (Early Suppression, Fast Response) fire safety systems and T-5 lighting.
North Park Commerce Center was 90 percent leased at the time of sale. Notable tenants include credit-worthy firms such as Carrier Enterprise and Goodman Distribution.
North Park Commerce Center is located at 3800 and 3830 Enterprise Way in the Lake Mary/Sanford industrial submarket. Within this submarket is a high-performing micro-market of Class A, small bay industrial properties, one of which is North Park Commerce Center.
“Although the majority of the Lake Mary/Sanford submarket inventory is comprised of older, less functional buildings, there is strong demand for quality, small bay, rear-load industrial space,” said Lerner, referencing the 97 percent occupancy rate within North Park Commerce Center’s competitive set.
“Today’s more sophisticated industrial tenants are looking for warehousing capability, ease of access and multi-purpose capability with both retail and office becoming key components,” added Lerner. “This changing dynamic has made high-quality, rear-load, dock-high, small bay industrial product, such as North Park Commerce Center, a high-demand product type.”
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