1801 Cypress Lake Drive_Property for Sale

1801 Cypress Lake Drive, Orlando, FL, 32837, US

1801 Cypress Lake Drive

Asset description

Jones Lang LaSalle ("JLL") has been exclusively retained to market the fee simple sale of 1801 Cypress Lake Dr (the "Property"), a ±168,515 square foot infill distribution facility on 10.62 acres in the heart of Orlando's top industrial submarket, Southeast Orange County. The Property is currently owned and occupied by Veyer Logistics ("VEYER"), a logistics firm owned by Office Depot's parent company, The ODP Corporation. VEYER has announced it will close this location and will be vacating the property upon sale.

Clayco developed the Property in 1998 as a build-to-suit for Boise Cascade and was subsequently expanded in 2005 to its current footprint. The building has been owner-occupied since its development and offers market-desirable features, including 30' clear height, dedicated office space totaling 12,590 SF, a secure truck court, and 25 loading doors with ample vehicle parking. Additionally, the Property is strategically located west of Orlando's International Airport (MCO) at the confluence of the region's major highway systems, making it an ideal hub to serve nearly 4M people within 60 minutes.

The offering provides an investor the rare opportunity to acquire a highly functional distribution facility with exceptional highway access at a core Orlando location at an attractive basis with immediate value creation through lease-up.

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Attributes

Building area net

168,515 sf

Land area gross

10.62 acres

Year built

1998

Clear height

30 ft

Parking spaces

191

Loading docks

Media

Investment highlights

• Lease-up opportunity in the heart of Orlando's top industrial submarket.

• Offered at a spread to market cap rates and at a significant discount to replacement cost ($200 PSF) and recent comparable sale transactions ($220 PSF).

• Highly functional, side-load building with a secure truck court, dedicated office space, 30' clear heights, 1,600 amps of service, fully equipped dock doors with pits, lights, and bug screens, as well as ample vehicle parking.

• Originally designed as a build-to-suit for Boise Cascade, the Property has never been offered to the investment market and has been corporately owned and maintained since its development.

• Core infill Orlando location at an established industrial node largely institutionally owned and comprised of major corporate tenants/ users.

• Immediately accessible to the region's major thoroughfares including Orange Blossom Tr, FL's Turnpike, I-4, Beachline Expressway, John Young Pky and Orlando's Beltway (SR-417).

• Central location and unmatched highway access allow for distribution to 3.8M people within an hour drive.

• Booming Orlando industrial market experiencing unprecedented levels of population growth, employment, and corporate relocations.

• Exceptional Southeast Orange Orlando submarket fundamentals with low vacancy at 4.7% and rents approaching $13.83 PSF.