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| Melissa Rose |
ORLANDO, FL, Jan. 17, 2023 – JLL Capital Markets announced today that it has arranged $45.1 million in construction financing for the development of Commerce 429, a two-phase, eight-building, Class A industrial facility totaling 485,813 square feet in Ocoee, Florida, a municipality located within the greater Orlando MSA.
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| Michael DiCosimo |
The JLL Capital Markets team representing the
borrower was led by Managing Director Melissa Rose, Director Michael
DiCosimo and Analyst Mateo Bolivar.
“The lender provided a great execution, closing
through a volatile time in the capital markets,” said Rose. “Construction
financing for spec industrial project is still available for best-in-class
sponsors developing premium projects in growth markets.”
The entire project will comprise eight buildings
totaling over 485,000 square feet of Class A industrial space.
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| Mateo Bolivar |
The
second phase of the project will consist of two rear-load buildings totaling
approximately 76,000 square feet and 95,000 square feet, respectively.
Commerce 429 is located on an approximately
40-acre site at 1290 Ocoee Apopka Rd. The property has direct frontage on
SR-429 and strong access to the Florida Turnpike, Orlando International Airport
and the International Drive Corridor. The site is within four hours of every
major MSA in Florida.
The property is located within Northwest Orange
County, a high-performing industrial submarket of the Orlando MSA.
Northwest Orange County has seen outsized tenant
demand relative to inventory, with current vacancy at 3.6% and 32% rent growth
since 2020 - over twice Orlando MSA’s rent growth of 14% since 2020.
CONTACT
Kristen Murphy
Director, Public Relations, Americas
JLL
One Post Office Square, Suite 3500
Boston, MA 02109
T +1 617 848 1572
M +1 617 543 4873
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