Jones Lang LaSalle Inc.
08/23/2024 | Press release | Distributed by Public on 08/23/2024 09:37
Infill industrial asset in Orlando, FL sells
MIAMI, Aug. 23, 2024 - JLL Capital Markets announced today the sale of Regional Airport Center II, a Class A, multi-tenant infill industrial building in Orlando, Florida.
JLL represented the seller, Stonelake Capital Partners, LLC, in the sale to Clarion Partners.
Regional Airport Center II spans 81,762 square feet, featuring 11 bays averaging 7,433 square feet. Currently 100% occupied, the asset is leased to a diverse range of national and regional tenants from seven different industries with an average tenure of 4.65 years.
Conveniently located at 8350 Parkline Blvd., the building is just minutes away from Orlando International Airport and provides excellent accessibility to Florida's Turnpike and I-4, both less than 10 minutes away. This prime location allows tenants to efficiently serve major demand drivers, including world-renowned theme parks and reach over 3.5 million consumers within a 60-minute drive.
The JLL Investment Sales and Advisory team was led by Managing Director Luis Castillo, Senior Director Cody Brais, Director Wells Waller and Associate Taylor Osborne.
"Regional Airport Center II offered a coveted opportunity to acquire an exceptionally well-located and highly functional multi-tenant industrial asset in one of the US's best performing markets," said Brais.
"This sale is yet another example of the strong interest our team is seeing for light industrial opportunities in high-growth markets like Orlando," added Castillo.
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 sales and 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.
For more news, videos and research resources, please visit JLL's newsroom.
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Stonelake Capital Partners is a real estate private equity firm investing in 11 markets from Phoenix to Florida (Sunbelt). Stonelake invests institutional capital through discretionary private equity investment funds and counts among its investors some of the country's largest college endowments, pension funds, hospital systems, foundations and family offices. Stonelake primarily acquires and develops (i) Class-A & Class-B industrial warehouses and (ii) develops Class-A multifamily and owns over $4.5 billion of commercial real estate in high growth markets, including Austin, Dallas, Houston, Atlanta, Nashville, Phoenix, Tampa, Orlando, South Florida, San Antonio & El Paso. Stonelake owns, is developing or has developed 28 million square feet of industrial warehouses, 8,155 multifamily units and 3.3 million square feet of office buildings. Stonelake has raised $2.6 billion of equity across eight (8) private equity funds over the last 17 years. Stonelake was founded in Austin, Texas in 2007 by Kenneth Aboussie and John Kiltz.
Clarion Partners is a registered investment adviser with over 1,500 properties under management as of March 31, 2024. Clarion Partners has been a leading real estate investment manager for 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With $75.6 billion in total real estate and debt assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to 500 institutional investors across the globe. Clarion is scaled in all major property types and was an early entrant into the Industrial sector. The Firm's global industrial team manages a 1000+ property portfolio in the U.S. and Europe consisting of more than 255 million square feet.