An out-of-state buyer recently closed on a business park near the Orlando International Airport in what was one of the Orlando market’s largest industrial transactions in recent memory.
Irvine, CA-based LBA Logistics purchased the Lee Vista Business Center for $120 million from New York-based Link Logistics, a subsidiary of investment management company Blackstone, according to a report in GrowthSpotter.
The 81-acre business park, situated off of Emerald Dunes Drive, includes 635,684 square feet of warehouse, office, and distribution space spread out over four buildings. In 2009, developer McDonald Development delivered phase 1, which consisted of two buildings and 333,300 square feet. The developer completed another 145,800-square-foot building in 2015 as part of the property’s second phase. A year later, Link Logistics bought the three existing buildings for $47.89 million.
In 2018, McDonald delivered the third phase of the industrial park, consisting of a 159,885-square-foot building. In 2019, Link Logistics closed on the final building for $15.5 million, bringing their total investment to about $63.4 million. read more