The Real Deal Miami

Miami company sells Orlando-area industrial property for $82 per square foot

Monroe South RE LLC sold the five-building, 8.49-acre property in Seminole County to Charles Wayne Properties of Daytona Beach for $9.55 million
September 30, 2018 12:00PM

Monroe CommerCenter South (Credit: LoopNet)

A Miami-based limited liability company sold an industrial property in the Orlando area for $9.55 million.

Miami-based Monroe South RE LLC got $82 per square foot for Monroe CommerCenter South, a five-building industrial property in Seminole County.

Daytona Beach-based Charles Wayne Properties Inc. bought the 8.49-acre property near Interstate 4.

The 15-year-old property comprises five single-story industrial warehouse, showroom and flex buildings that span a total of 116,500 square feet.

Built in 2003, the five buildings are located at 627-655 Progress Way, 663-691 Progress Way, 703-739 Progress Way, 4141-4186 Incubator Court and 4140 Flex Court.

Ron Rogg and Chip Wooten of brokerage firm CBRE marketed the property on behalf of the seller.

Selling Monroe CommerCenter South “was a highly competitive process, which speaks to the strength of the industrial market and the growing economy in Central Florida,” Rogg, an executive vice president of CBRE, said in a prepared statement.

Moody Analytics has forecast that annual employment growth in the Orlando area will average 2.1 percent through 2023, almost three times faster than annual employment growth nationwide. – Mike Seemuth