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

Perimeter Park West

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.

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Attributes

Building area Gross

172,047 sf

Occupancy

94.00%

Year built

2022

NOI

$1,414,000

Media

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.