Avistone, LLC has announced the acquisition of Presidents Plaza located in Orlando, Florida. The 108,432 square foot multi-tenant flex / warehouse project is located in the Orlando Central Park industrial sub-market on 7.98 acres of land. Built in 1986, the project consists of three (3) buildings, and is currently 94.6% leased to 16 tenants.
The company negotiated an acquisition price well below replacement value, with solid average cash-on-cash yields and a high IRR over a 5-year holding period.
The Orlando industrial market is one of the country’s leading “institutional quality” markets, and has increasingly become a major distribution hub for Florida with its geographic position in the state at the crossroads of Interstate 4, the Florida Turnpike, the Beachline Expressway, State Road 408 and State Road 417. The region’s robust industrial market is at the forefront of economic growth with its increasing demand for warehouse/distribution facilities, and leads the state in job and financial growth. “We are excited to have entered the Orlando market. The combination of demand for industrial space and growth of the market project for a successful investment” said Richard Kent, Avistone’s Managing Principal. “Presidents Plaza aligns perfectly with Avistone’s acquisition goals of acquiring stabilized, multi-tenant business parks that produce healthy cash flow and a strong total return. We are continuing to add properties similar to Presidents Plaza to our portfolio in order to provide the yield, return, and mitigated risk for our investors.”
Avistone is a premier commercial real estate investment firm specializing in the multi-tenant business park properties. The company is currently acquiring and managing quality, stabilized multi-tenant properties in major and secondary markets throughout the U.S. from $5 to $25 million. To learn more about investing with Avistone, please email investors@avistone.com.