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| Taylor Osborne. |
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| Luis Castillo, |
MIAMI, FL – JLL Capital Markets brokered the sale of 2292 W Sand Lake Rd., a
149,570-square-foot freezer-cooler warehouse in Orlando, Florida. The
price was not disclosed.
JLL represented the seller, a joint venture between
Banner Property Group and an institutional investor, while IP Capital Partners,
LLC purchased the asset. Additionally, working on behalf of the new owner, JLL
arranged the fixed-rate acquisition loan with a life insurance company.
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| Cody Brais |
2292 W Sand Lake Rd. is a highly functional cold-storage
building, offering full freezer capability, six flexible temperature zones,
23.5- to 24.7-foot clear heights, 20 dock positions, six rail doors and
abundant truck and car parking. The seller recently executed extensive capital
improvements to renovate the facility.
The facility provides a strategic last-mile location for
both local and regional distribution, serving some of Florida’s major demand
drivers like Orlando International Airport, Port Canaveral, downtown Orlando
and several globally renowned theme parks.
Moreover, it provides access to over
3.5 million consumers within a 60-minute drive through Orlando’s major
thoroughfares such as I-4, FL’s Turnpike and John Young Pkwy, among others.
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| Wells Waller |
The property is fully leased to Quirch Foods, an
international food distribution company. Quirch Foods, which has been at this
location for over 17 years, is one of America's Largest Private Companies (#132
Forbes), generating over $5 billion in revenue and employing 2,000+ people.
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.
The JLL Capital Markets Debt Advisory team that
represented the new owner was led by Senior Managing Director and Miami Office
Co-Head Chris Drew, Senior Director Michael DiCosimo and Analyst Jovi
Rodriguez.
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| Chris Drew |
“During and after the pandemic era, the demand for
functional warehouse and logistics space tailored for climate-controlled
handling, manufacturing and distribution operations has experienced a
significant surge, both in the United States and globally,” said Castillo.
“2292 W Sand Lake Rd. presented the ideal opportunity to
meet investor demand and capitalize on the remarkable growth of this
specialized asset type, given the scarcity of supply, high entry barriers and
increased space requirements from major players in the sector.”
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Michael DiCosimo
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“2292 W Sand Lake Rd.’s infill location, recent upgrades
implemented by Banner, and tenured tenancy contributed to a competitive
marketing process and bolstered our team’s conviction in this high-barrier
industrial sector,” added Brais.
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.
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| Jovi Rodriguez |
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.
CONTACT:
Grace Lewis
