CNL affiliate pays $11.1 million for site near Orlando

Aerial view of downtown Orlando
Aerial view of downtown Orlando

An affiliate of CNL Commercial Real Estate paid $11.1 million for 53 acres southwest of Orlando in unincorporated Orange County.

Sources told the Orlando Business Journal that CNL Commercial Real Estate plans to build an industrial park on the land with as much as a million square feet of space.

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CNL Commercial Real Estate is affiliated with Orlando-based Crews Commercial Venture LLC, the buyer of the 53 acres, known informally among real estate professionals as the “Crews Property.”

The seller of the land, Immokalee-based Crews Real Estate LLC, won approval of a proposal to the Orange County Commission in August to vacate rights of way on the 53 acres to allow development of the land. Three parcels west of Florida’s Turnpike and east of Orange Blossom Trail comprise the unincorporated land.

The overall industrial market sentiment in the Orlando appears bullish. A study shows that metropolitan Orlando is one of the top-ranked U.S. markets for investment in industrial property. [Orlando Business Journal] — Mike Seemuth