Big-box distribution center near Orlando trades in $31.09M forward sale
JLL Capital Markets completed the sale of the modern cross-dock warehouse in Groveland, Florida
ATLANTA, June 21, 2022 – JLL Capital Markets announced today that it has closed the $31.09 million forward sale of a 425,120-square-foot, Class A, speculative big-box distribution center at 2550 American Way in the Orlando-area community of Groveland, Florida.
JLL marketed the property on behalf of the seller and developer, Hanover Capital Partners.
Completed in 2022, 2550 American Way is a modern, cross-dock warehouse and distribution facility that offers a tenant a 36-foot clear height, 94 dock-high doors, four grade-level doors, LED lighting, ESFR fire protection, 111 trailer parking stalls and ample vehicle parking. The building is part of the highly successful Christopher C. Ford Commerce Park, which is the largest industrial park in Lake County.
2550 American Way resides on 30 acres at the crossroads of State Road 19 and Florida’s Turnpike in Groveland, a western Orlando suburb less than 28 miles from both Interstates 75 and Interstate 4. This centralized location facilitates easy access to more than 3 million people within a one-hour drive and nearly 19 million people within a four-hour drive. The building is within the Lake County submarket, which is home to major manufacturing and distribution tenants due to its prime distribution location.
The JLL Industrial Capital Markets Investment Sales and Advisory team that represented the seller was led by Luis Castillo, Cody Brais, Britton Burdette and Mitchell Townsend.
“This forward sale signifies the demand for central Florida industrial today and growth of the Orlando industrial market,” Burdette said.
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 and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.