The Real Deal Miami

Warehouses sell in a baker’s dozen for $17.5 million

A Miami-based firm bought 13 small-bay warehouses in three Orlando-area business parks

October 15, 2016 01:30PM

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GoldenRod CommercCenter in Orlando

GoldenRod CommercCenter in Orlando

Brokerage firm Marcus & Millichap negotiated a $17.5 million sale of 13 warehouses in Orlando and nearby Sanford to a Miami-based buyer.

Three limited liability companies sold the 289,346-square foot-industrial real estate portfolio for about $60 per square foot to Miami-based Orlando Industrial 3 RE, LLC, managed by Michael Kramer.

The 13 small-bay warehouses are located three business parks: GoldenRod CommercCenter and Hanging Moss CommercCenter in Orlando and Monroe CommerCenter South in Sanford.

The sale closed October 5, and according to Marcus & Millichap, the purchase price was below the replacement cost of the warehouse portfolio.

Douglas K. Mandel, a senior vice president in the Fort Lauderdale office of Marcus & Millichap, represented the buyer and the sellers together with two of his colleagues in the brokerage firm’s Orlando office: senior associate Robbie McEwan and office investment associate Nicholas Hanson.

“Leasing activity for space under 20,000 square feet continues to be in high demand as more tenants are utilizing single-story flex space versus traditional office space, which should prove very profitable for Mr. Kramer,” Mandel said in a Marcus & Millichap press release.

Including the sale to Kramer’s company, Mandel has closed 29 property sales totaling about $275 million so far this year.

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