InRight Real Estate Partners and Black Salmon Capital sold the property in partnership through Industrial Lane Kissimmee Propco LLC, with Cushman & Wakefield representing them. The CRE firm said the property is 100 percent leased to one tenant, which will provide food and grocery storage, the Orlando Business Journal cited.
“Investor demand for this high-quality, single-tenant, triple-net lease asset is strong, and multiple bidders are competing to acquire this asset,” Mike Davis, executive vice chairman of Cushman & Wakefield, said in a statement. ” he said.
In Florida, retail sales growth has exceeded the national average, boding well for industrial demand. In Florida, transaction volume reached approximately $3.24 billion in the first half of this year, an increase of 35.8% from the same period last year.
But at least one industrial area in the Sunshine State is struggling. That’s Tampa, which is located southeast of Orlando and is currently being hit by Hurricane Milton. Net absorption in the three months to June was just 600,000 sq ft, down 75% from a year earlier, according to a Savills Research report. Additionally, the vacancy rate increased by 210 basis points to 7.1%.
As of March 2024, Principal Assets pursues investment opportunities in more than 80 markets and for more than 1,100 institutional clients. The Iowa-based company also manages $554.4 billion in assets. Earlier this year, Principal announced it had received $2 billion in financing through its direct lending arm.
