LRC Properties of Rye Brook – in a joint venture with an institutional partner – has purchased Central Florida Resource Center at 5700, 5707 and 5712 Dot Com Court in the Oviedo submarket of Orlando.
The purchase includes three shallow bay buildings totaling 209,000 square feet that are 80% leased. LRC Properties is planning to repair the roofs, demolish excess space to convert back into more traditional industrial space, and will complete several other cosmetic upgrades, including landscaping and signage, to bring the buildings up to their highest and best use and enhance the tenant experience at the site.
“This is our first entry into the Orlando market, and we are thrilled to continue our strategy of acquiring well located shallow bay industrial buildings off market throughout the Sunbelt, and particularly Orlando, with this purchase,” said Karie Nero, principal of LRC Properties. “We have watched the Orlando market continue to thrive and grow with rapid population growth due to the healthy business environment and favorable taxes in Florida.”
She highlighted the proximity and needs of Orlando International Airport, which is one of the largest demand drivers for industrial use. It is the 7th busiest airport in the U.S. due to population growth and tourism.
“Orlando has long been a distribution backbone for the state of Florida due to its central location,” she added. “We are actively seeking additional opportunities in this market, as well as in others, to continue to provide high returns for our investors.”
With this purchase, LRC Properties owns approximately 6.2 million square feet of commercial properties in the Southeast with assets under management approaching $550 million.
LRC Properties is a vertically integrated and experienced commercial real estate firm focused on East Coast commercial real estate investments. It has offices in Charleston, South Carolina; and Durham, North Carolina. LRC concentrates in acquiring value-add and core plus properties in vibrant markets.
