Jones Lang LaSalle (“JLL”) has been exclusively retained to secure an investor that will enter into a forward purchase agreement to acquire the fee simple interest in International Corporate Park (the “Park” or the “Properties”), two logistics facilities totaling 262,200 square feet on 16.54 acres within the Orlando MSA. The buildings are located east of the Orlando International Airport and just off the Beachline Expressway which connects with I-95, the Orlando Beltway (SR 417), Florida Turnpike and I-4, offering immediate access to the major demand drivers locally as well as excellent access to major population centers within the state. The Properties are being developed by one of Central Florida’s most successful and active developers, Whitley Capital, and will consist of two, 220/260-foot-deep, class A buildings with a shared truck court as well as ample car parking and additional trailer spaces. The developer has already pre-leased on a long-term basis one of the facilities to Escalade Inc., a manufacturer and distributor of sporting goods and recreational equipment for over 95 years with revenue of $273 million in the last full year.
The offering provides an investor a rare opportunity to acquire two state-of-the-art logistics facilities from an experienced developer at a strategic distribution location within a fast-growing MSA offering immediate income in place from a long-term lease and value creation from a to-be-leased building.
- Rare opportunity to acquire two, new logistics facilities in the fast-growing Orlando MSA that are already 55% pre-leased on a long-term basis offering both immediate cash flow and upside potential at a spread to stabilized cap rates.
- State-of-the-art facilities developed by experienced Central Florida developer totaling 262,200 square feet, featuring 32’ clear heights, ESFR sprinkler system, 60’ speed bay, LED lighting, and 200’ shared truck court depth.
- Long-term lease with Escalade, Inc. already executed and accounts for 55% of the total development and 55% of the projected stabilized NOI. Escalade is publicly traded on the NASDAQ under the ticker ESCA and recently generated $273 million in revenues during the last full year with four consecutive quarters of record sales.
- Value creation opportunity to lease up remaining vacancy within the 119,200-square foot front load facility that can accommodate tenants ranging from 60,000 SF up to ~120,000 SF.
- Immediately serves dense, local population and reaches 23% of Florida’s 21.6 million population within a 90-minute drive.
- Booming Orlando market experiencing job growth twice that of the national average over the last 5 years, record population growth and over $7.0B worth of infrastructure improvements currently underway.