Orlando Warehouse Sells For $70 per Square Foot

Monday, April 25th 2016

ORLANDO, FL – A real estate investment trust based in Chicago bought its second warehouse and distribution center in Orlando for $14.03 million in an off-market transaction. First Industrial Realty Trust Inc. paid $70.48 per share foot for an industrial building spanning 199,000 square feet. The seller is an entity related to Panattoni Development Corp. LLC of Sacramento, California. The industrial building is located northwest of downtown Orlando at 4473 Shader Road in the Center of Commerce business park. The building was completed last year as a build-to-suit project for Tech Packaging Inc. of Jacksonville, whose customers include such packaged product companies as PepsiCo Inc., Kellog’s and Ocean Spray. Bobby Isola,  Wilson McDowell and Matt Sullivan of Cite Partners LLC represented Panattoni Development in the transaction. Rich Cavano of Cavano Realty LLC represented publicly held First Industrial Realty Trust, a New York Stock Exchange company listed under ticker symbol FR. An entity related to First Industrial in January bought a fully-leased, 126,000 square-foot American Tire distribution center in Orlando for $9.3 million from Eisenberg Industrial Partners II LLC.