Skip Ribbon Commands
Skip to main content

News release

Orlando

JLL Brokers $8.35 Million Sale of 45-Plus Acres at Air Commerce Business Park in Orlando’s Airport Submarket


Orlando, August 22, 2017 JLL (NYSE: JLL) announces today that the firm has closed on the $8.35 million sale of 45.17 acres of land at the Air Commerce Business Park, a prime industrial park in the heart of southern Orlando, located at the intersection of Tradeport Drive and Taft Vineland Road.

JLL Executive Vice President Joe Hills and Vice President Josh Lipoff represented the buyer, Exeter Property Group, an international real estate investment management company based in Philadelphia that focuses primarily on industrial properties across North America and Europe. The seller was Brian Mulvaney, managing member at Bogey Boggy Creek 08 LLC.

"As the industrial market in Central Florida continues to thrive, there is even more competition amongst national developers and REIT's seeking to acquire well-located assets in the market. Exeter has been one of the more aggressive investors in Orlando this past year, successfully acquiring two warehouse buildings totaling 513,000 square feet," said JLL's Josh Lipoff.  "With this latest purchase of 45 acres, we anticipate seeing speculative construction within a year in the form of a single, large cross-dock distribution center in the range of 400,000 to 500,000 square feet, as the new ownership seeks to supply new industrial space to meet the demand from large requirements that Orlando's popular airport submarket is experiencing today."

Air Commerce Business Park is centrally located within minutes of the Orlando International Airport and offers direct access to the Beachline Expressway and Florida Turnpike. Moreover, the park is in close proximity to important air and ground distribution facilities for companies such as FedEx and UPS.

JLL's Q2 2017 Industrial Insight points to how Orlando's industrial market is prime for investment as many buildings are leasing up in a peaking market. Investors are becoming more active and helping to fuel the growth, financing numerous build-to-suit deals and new speculative development, the report noted.

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.