JLL closes sale of
4-building industrial park, wins leasing and management assignment
Deal sets a record price paid per square foot for an industrial sale in Orlando
ORLANDO, September 26, 2019 – JLL announced today that it has closed the sale of Winter Garden Commerce Center, a recently completed, Class A, four-building, multi-tenant industrial park that totals 140,929 square feet in the Orlando-area community of Winter Garden Florida, and has been selected as the exclusive leasing partner and property manager provider.
JLL marketed the property on behalf of the seller, WGCC Properties, LLC. A leading global investment firm purchased the asset for a record-setting price per square foot for an industrial sale in Orlando.
Winter Garden Commerce Center was constructed in 2018 and features 20- to 24-foot clear heights, 36 dock-high doors, 36 grade-level doors, four ramps, a 140-foot shared truck court and averages a 16.1% office finish. With an average suite size of 7,600 square feet, the property is 94.9% leased to 15 local, regional and national tenants. Situated on 9.67 acres at 661, 671, 681 and 691 Garden Commerce Parkway, Winter Garden Commerce Center is 15 miles west of downtown Orlando and within the NW Orange County Industrial submarket, one of Orlando’s tightest and most sought-after industrial submarkets. Within a three-mile radius of the property, there are approximately five million square feet of industrial and light industrial product currently 0.8% vacant. The property has easy access to both the Florida Turnpike and Florida 429 (Western Beltway), and its central Florida location allows tenants to reach more than 19 million customers within a four-hour drive and more than 33 million customers within an eight-hour drive.
The JLL Capital Markets team that represented the seller was led by Senior Vice President Bret Felberg and Managing Directors Britton Burdette and Pete Pittroff.
“This sale is indicative of the high level of demand by institutional investors to place capital in quality industrial assets in strong markets like Orlando,” Pittroff said.
The JLL Leasing and Property Management team will include Managing Directors Wilson McDowell and Matthew Sullivan and Senior Vice President Bobby Isola.
“We are excited about growing our relationship with this buyer by continuing to manage and lease WGCC for them,” McDowell added.
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 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.
JLL’s more than 400 Agency Leasing professionals in the U.S. provide leasing services for some of the world’s largest companies across a portfolio of more than 3,200 buildings totaling 550 million square feet. In 2018 alone, JLL completed more than 4,300 transactions totaling $16.3 billion dollars in lease value.
JLL’s 3,000 Property Management experts in the U.S. provide comprehensive real estate services in more than 3,100 buildings totaling more than 620 million square feet.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com