Central Florida Resource Center_Property for Sale

5700-5712 Dot Com Ct, Oviedo, FL 32765

Central Florida Resource Center

Asset Description

Jones Lang LaSalle, Inc. (“JLL”) has been retained to market for sale Central Florida Resource Center (the “Property”) – a 75.3% leased, three-building, 210,613 SF industrial park located within Orlando, one of Florida’s fastest growing MSA’s, and less than two miles from The University of Central Florida and four miles from Orlando’s Research Park, two of Central Florida’s largest economic demand drivers. The Property is located just off Alafaya Trail and provides access to the greater Orlando MSA via SR 50 (11 minutes) and SR 417 (5 minutes), both of which connect to I-4 and US-27. Over the last 5 years, the Property’s submarket, Seminole County, has experienced rent growth of 71.0% (11.3% CAGR).

Notable tenants at the property include United Health Care, Siemens, RLH Construction, and UCF, who have invested heavily into their spaces and demonstrated a long-term commitment to the park.

Central Florida Resource Center offers a coveted investment opportunity to acquire a well-located multi-tenant industrial park in one of the US' best performing markets with strong current income from entrenched tenants and substantial value creation potential through lease up, mark-to-market, and continued rent appreciation in one of Orlando's strongest submarkets currently ~97% occupied with no competitve supply under construction and double-digit projected rent growth.

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Attributes

Building area net

19,567 m²

Number of buildings

Occupancy

75.3%

WALT

2.6 years

Media

Investment Highlights

Offered significantly below replacement cost ($220+ PSF) and recent Orlando sales ($200+ PSF).

Proven history of strong new and renewal tenant demand totaling 99,353 SF (47% of NRA) in the last 10 months with modest concessions. For the last seven leases signed, average TI's were $1.71 PSF and the average free rent was 1.6 months.

Entrenched tenants with long tenure and meaningful capital improvements made to the Property. Most notably:
UHC (tenant since 2018) recently invested $1M+ ($28 PSF) for a new generator and has plans for future interior work expected to cost an additional $1.0-$1.3M.
Bases Loaded is finalizing their build-out costs and are expected to make investments in their space above and beyond their TI allowance.

Significant value creation opportunities through lease-up and mark-to-market providing 70% NOI growth over the next 5 years. The most recently signed lease was signed at $14.50 PSF, a 45% increase from the previous tenant’s rental rate.

Exceptional access to the greater Orlando and Cape Canaveral population centers (5.4M people within a 90-minute drive), located proximate to major demand drivers and thoroughfares.
1.9 miles East of Orlando's beltway SR-417/429,
Less than 2.0 miles North of University of Central Florida and Orlando Research Park
3.6 miles North of SR-50
40 minutes from Port Canaveral

The Property is leased to a diverse tenant roster with approximately 40% either creditrated or nationally recognized, and an average WALT of 2.6 years.

Seminole County industrial rents have grown 71.0% (11.33% CAGR) over the last 5 years. This strong rent growth is anticipated to continue over the next 5 years with average Orlando market rents forecasted to grow by over 28%.