CenterSquare has acquired 33rd Street Industrial Park, a two-building, 65,185-square-foot Service Industrial portfolio, located in the Southwest Orange County submarket of Orlando. The portfolio was acquired on behalf of a Midwest public fund investor.
The 86 percent–occupied portfolio offers reinforced concrete block construction, suites averaging approximately 3,200 square feet, 18–24-foot clear heights, 100 percent grade-level loading and conditioned warehouse space in nearly 90 percent of the units.
The portfolio is in an infill, densely populated microlocation of Orlando, adjacent to major thoroughfares and demand drivers including Orlando International Airport and Walt Disney World. The business plan focuses on institutionalizing the asset through converting in-place gross leases to triple-net leases upon expiration; implementing active property management; and reintroducing the portfolio to the market through a vigorous, hands-on leasing campaign.
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