CenterSquare, Ultimate Realty JV acquire industrial portfolio in Florida
CenterSquare Investment Management, in a joint venture with Ultimate Realty, acquired an eight-building, 114,000-square-foot service industrial portfolio located in the Fort Myers and Orlando MSAs of Florida. The portfolio consists of five buildings in Fort Myers and three buildings in St. Cloud (Orlando), with all properties 100 percent leased to a diversified tenant base. The buildings at both industrial parks feature 16-foot clear heights, grade-level loading, low-percentage office finish and ample parking space. The average tenant size across the 56-space portfolio is 2,200 square feet.
CenterSquare and Ultimate intend to enhance the functionality of both industrial parks to accommodate the evolving needs of the tenants in the Orlando and Fort Myers MSAs. The business plan contemplates addressing deferred maintenance and capital improvements including painting the exterior, improving storefronts and asphalt repair and restriping.
“The service industrial subsector