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| Cypress Industrial Park, Satellite Boulevard, South Orlando, FL |
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| Jon Mikula |
FLORHAM PARK, NJ ––
Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $12.9 million in
acquisition financing for Cypress
Industrial Park, a five-building light industrial portfolio totaling
256,838 square feet in southern Orlando, Florida.
HFF worked on behalf of
the borrower, Denholtz Associates (Denholtz), to place the 10-year, fixed-rate
loan with Principal Global Investors (Principal).
Cypress Industrial Park
comprises five single-story light industrial buildings that were constructed
between 1987 and 1997. The buildings are
divided into 28 units and feature tilt-wall construction, range in size from
13,807 to 51,060 square feet, have an average clear height of 19.6’ and have a
33 percent office finish.
The buildings are 98.5 percent leased to a
variety of tenants, including Total Logistics Services, Rock ‘Em Apparel,
Airstar, Hanger Prosthetics, Overhead Door Corporation and HNM Enterprises,
LLC.
Situated on 23.47 acres at 9500, 9535, 9603,
9777 and 9901 Satellite Boulevard, Cypress Industrial Park is within two miles
of U.S. Route 441, State Route 528 and the Florida Turnpike, all of which
provide access to the rest of Florida and into the surrounding states.
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| Michael Weinberg |
The portfolio, which is located in the Orange
County Light Industrial market, is five miles east of Orlando International
Airport and seven miles east of the Orange County Convention center.
The HFF debt placement
team representing the borrower was led by senior managing directors Jon Mikula and Michael Weinberg and managing director Michael Klein.
“This acquisition is a
perfect complement to Denholtz’s growing Florida portfolio and its business
model, which specializes in assets of this size with many tenants,” Klein
said.
“Principal is very
experienced in this market as both an investor and lender, so they quickly
understood the deal, were able to provide terms that enabled the borrower to
meet their return requirements and were able to underwrite and close the loan
within a relatively short closing period.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Public Relations
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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