An out-of-state investment group recently purchased an existing building within Apopka’s Mid Florida Logistics Park, which is set to expand further with an additional phase.
Massachusetts-based High Street Logistics Properties paid Dogwood Industrial Properties, an affiliate of California-based TPG Real Estate Finance Trust, $31.8 million for Building 5 at the Mid Florida Logistics Park. Missouri-based BlueScope Properties built and opened the building in 2021 and sold the property to Dogwood Industrial Properties shortly after for $27 million.
The 246,460-square-foot building, located at 3040 Shelby Industrial Dr., is fully leased to tenant Kramer America. Bo Bradford, President of Lee & Associates, leased out the property.
“Kramer chose the building for its efficiency, 36’ clear height, and cross-dock capabilities. We brought in an outside vendor to help the tenant redesign their operations by changing the racking design and moving to guide by wire fork lifts for overall efficiency. Utilizing the clear height and these redesigned changes allowed for a shrinking of their footprint by about 30%, which saved them money,” Bradford told GrowthSpotter.
Senior Managing Director Luis Castillo, Managing Director Cody Brais, and Associate Taylor Osborne of JLL Capital Markets brokered the sale of the property.
“The Orlando industrial sector continues to outperform, driven by robust population growth, infrastructure improvements, and increasing demand for distribution facilities,” Castillo said in a press release. “Building 5 at Mid Florida Logistics Park is well-positioned to capitalize on these positive market fundamentals.”
The Mid Florida Logistics Park consists of five Class A industrial buildings with over 2.4 million square feet of space and is leased to high-profile tenants such as Amazon, Coca-Cola, Universal/Loews Hotels, and Goya Foods.
BlueScope Properties is also building out Mid Florida Logistics Park South next door. The developer already delivered a 352,268-square-foot distribution building there, and has approved plans to deliver another 338,748 square feet in a second and final building. In total, the two buildings are expected to include a combined 691,016 square feet of distribution space. Executive Managing Director Matt Sullivan and Vice President Cameron Montgomery of JLL are handling the leasing for the pair of buildings.
There are several other large industrial developments in the works for Apopka. For example, Cadence Partners plans to build the 1.5-million-square-foot industrial portion of the mixed-use Wyld Oaks development, and also filed an application with the city for NorthStar II, a two-building, roughly 246,000-square-foot distribution facility at 735 and 815 Johns Rd.
McCraney Property Company plans to build Logistics 429, a 1.26-million-square-foot, five-building industrial park planned for 78 acres at 1403 Binion Rd.
Additionally, Connecticut-based Indus Realty Trust plans to deliver a 575,000-square-foot, three-building industrial park called Tradestar Logistics Center on 73 acres along the west side of S.R. 421, just south of the Orlando Apopka Airport. The developer purchased the property in 2023 for $17.4 million.
Have a tip about Central Florida development? Contact me at (407)607-8160 or TyWilliams@GrowthSpotter.com. Follow GrowthSpotter on Facebook and LinkedIn.
