The Geneva Group, a real estate investment and property services firm based in Deerfield Beach, Fla., has purchased the Park Center industrial complex in Orlando for $19 million. The 200,400-square-foot, fully-leased park is located just west of N John Young Pkwy and north of Lake Breeze Drive, in the Northwest Orange submarket.
The Park Center transaction included eight parcels totaling 16.7 acres. In addition to one vacant lot, the property includes six single-story small bay warehouse buildings and one dock-high warehouse/assembly building.
Joe Rossi and Nick Hanson of Colliers brokered the transaction. The seller is Park Center Properties LLC, a private investor group.
Rossi represented seller Denholtz Properties when The Geneva Group purchased a 91,746-square-foot industrial park adjacent to Park Center, called Parkway Commerce Center several years back, for $7.4 million. With the acquisition of Park Center, The Geneva Group now owns 631,352 square feet of industrial properties in Central Florida.
â€œThe ability for The Geneva Group to cross-lease to tenants in both the Parkway Commerce Center and Park Center properties and consolidate operations to achieve greater economies of scale will prove to be value-drivers for the buyer,â€ said Joe Rossi, CCIM, Executive Managing Director, Orlando, Colliers.
The Geneva Group specializes in acquiring and managing commercial properties in the U.S., with a focus on industrial, retail and office. The Geneva Group owns over 1.2 million square feet of industrial and retail throughout the Southeast and focuses on value-add projects.
The Geneva Group recently began a complete renovation of both Park Center and Parkway Commerce Center, to include new paint and roofs, enhanced lighting, a parking lot overlay and new signage. The complex will also be renamed in the near future.
Park Center was 100% leased to 44 tenants, predominantly local and regional businesses, at the time of the sale. The addresses included in the transaction are: 3401 Lake Breeze Court; 3400 and 3443 Parkway Center Court; and 4420, 4500, 4700 and 4501 Parkway Commerce Blvd.
â€œAs strong investor appetite in the market puts continued upward pressure on pricing, we see many of our longer-term hold clients now reconsidering a sale of their properties,â€ said Nick Hanson, SIOR, Managing Director, Orlando, Colliers.
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