Colliers closes 23 deals in 60 days
ORLANDO - In a sign that the Central Florida industrial market is improving, in the past 60 days Matt Sullivan, SIOR, CCIM, and Wilson McDowell, CCIM, of Colliers International Central Florida have closed 23 industrial deals totaling just over 630,000sf of transactions.
Several notable transactions include leases for Orange County, Super Color and Peninsula Food Service, and investment sales of properties on North Goldenrod Road and University Boulevard.
In the first two quarters of 2011, Sullivan and McDowell have handled more than 40 transactions totaling just over 1.2 msf of industrial product.
“We’re seeing a lot more activity than we saw this time last year,” said McDowell. “Most of the activity is coming from existing tenants looking to reduce real estate costs by either relocating or moving into a higher quality facility with more favorable rental rates.”
Two such lease deals Sullivan and McDowell brokered took place in the South Orange County submarket, currently the most active industrial submarket in Central Florida. Orange County recently renewed and expanded into 118,227sf, and Super Color printing company relocated its printing facility and offices, growing to 23,000sf.
Sullivan and McDowell also brokered a deal with Peninsula Food Service, which has experienced explosive growth in Central Florida over the last 12 months. The company, which supplies food for restaurants, signed a 20,000sf lease, which is a significant expansion from their previous space.
Sullivan and McDowell also recently closed two small bay industrial investment sales that totaled $3.09 million and 42,000sf in the Northeast industrial submarket of Orange County. They represented Goldenrod Warehouses LLC in the sale of 1360 N. Goldenrod Road to North Goldenrod LLC, as well as University Warehouses LLC in the sale of 6801 University Blvd. to 6801 University LLC.
“On the buyers’ side, there is not any lack of capital out in the market looking for deals,” said Sullivan. “The problem is that there is a lack of quality properties on the market. The Goldenrod and University deals were exceptions where we were able to find quality product for our clients.”
