Industrial & Logistics

Perimeter Park West

3400 NW 74th Ave, Miami, FL, 33122, US

Perimeter Park West_Property for Sale

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Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”) has been retained as the exclusive sales representative for the sale of Perimeter Park West, Phase 1 ( the “Portfolio” or “Properties”), a 171,765 square foot portfolio of three newly constructed industrial buildings located in the high-growth Lake County submarket of Orlando, FL. The property’s location offers premier access to four major highways (FL Turnpike, I-4, SR 429, and SR 408) and a majority of the MSA’s primary demand drivers including Orlando International Airport, major theme parks, and Downtown Orlando. The buildings, which delivered in Q2 2022, feature highly functional specifications, including 30’ - 32’ clear heights, 117 – 130’ truck courts, and 7% office finish on average. These specifications meaningfully differentiate the Portfolio from the surrounding market where there is a dearth of oncoming supply and dated existing product with an average 1980’s vintage. 

Attributes

Building area gross
172,047 sf
Occupancy
94.00%
Year built
2022

Investment highlights

  • Under 5 Years of WALT Remaining – Allows investors to capitalize on record rent growth in the Lake County submarket. 13.5% rent growth over the last 12 months and 26.5% cumulative growth forecasted over the next 36 months.
  • Strong Contractual Rent Growth – All existing leases contain 4% annual escalations providing superior rental appreciation
  • Orlando’s Booming Population Growth – The Orlando MSA is among the fastest growing in the US, with population projected to increase over 21% by 2030. The Property is ideally located within the Lake County sub-market and Clermont micro-market which is directly in the path of progress from the city center and highly underserved with modern logistics facilities.

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Last updated
Oct 17, 2022