McDonald Development sells recently built spec industrial building in Lee Vista
Atlanta-based McDonald Development continues to sell off portions of its master-planned business park underway in the Southeast Orlando submarket.
The latest, a 159,884-square-foot warehouse facility at 7455 Emerald Dunes Dr., just sold for $15.5 million to Los Angeles-based real estate investment trust Colony Capital – the same firm that reputably sold 474 acres near Universal Boulevard in 2015 for $130 million.
McDonald completed the warehouse this last August. The deal for the facility breaks down to about $97 per square foot. A tenant has yet to be signed on.
The warehouse, dubbed Building G, is the fourth to be completed within McDonald’s Lee Vista Business Center, a roughly 81 acre commercial park directly across from the Orlando International Airport.
Tom McFadden and William Bradford of Lee & Associates had the listing.
Once complete, the master-planned park will consist of two single-story office buildings and five rear-load distribution buildings, for a total of 925,000 square feet of commercial space.
Colony Capital, a known investor in the park, paid $47.9 million for buildings D, E and F at Lee Vista in 2016, bringing its total investment to more than $63.4 million.
The recent deal expands the REIT’s holdings in the park to roughly 639,000 square feet. According to its website, Colony Capital has $43 billion assets under management.
Tenants in the park include Zenith Lighting Inc., a stage lighting equipment supplier; LiveTV, a provider of airline in-flight entertainment systems; and German engineering and manufacturing giant, Siemens Corporation. Goodman Manufacturing and Carrier Enterprise are also tenants.
It’s unclear how much in total the seller has invested in acquiring the land where it intends to build out Lee Vista Business Center.
What is clear is that McDonald paid $1.7 million in 2016 for the lot where it built the most recent warehouse to sell. The firm bought the 11-acre parcel from Famlee Investment Co., as part of a long-standing agreement to buy and develop its property in Lee Vista over time.
The industrial property lies near a number of distribution facilities where certain well-known tenants operate.
Just south of the property is where Publix Super Markets built its $188.5 million distribution center for frozen food and produce in 2014.
Other companies with a presence in the submarket include Chrysler, Goya, Caterpillar, Lockheed Martin and Staples.
Last month, GrowthSpotter reported that a industrial property across from the site traded hands at a nearly 40 percent gain in less than four months from its previous selling price in late December.
That site will be home to TransPremier, a family-owned road construction subcontractor in Florida whose services include material hauling, asphalt milling, full road clean-up, and equipment mobilizations.