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**Orlando Distribution Center Trades for $57 Million**
MG3 Group has acquired a 713,585-square-foot distribution center located at 8201 Chancellor Drive in Orlando for $57 million. The facility is fully leased to CVS Health and is situated within Orlando Central Park. Originally constructed in 1975, the property was later expanded in 1980 and again in 2000.
Cushman & Wakefield brokers Mike Davis, Rick Colon, Rick Brugge, and Dominic Montazemi represented the seller, Tratt Properties, in the investment sale. Tratt originally purchased the property six years ago for $41.2 million.
Rick Colon of Cushman & Wakefield commented on the significance of the asset: “The CVS Distribution Center represents the extremely rare opportunity to acquire an infill distribution facility in Orlando’s most land-constrained industrial submarket. The facility has been occupied by an investment-grade tenant since 1975 and sits on an irreplaceable location with nearly 43 acres of land and excess car and trailer parking. With Orlando’s rent growth and Orlando Central Park’s low vacancy and main-and-main logistics location, the offering drew tremendous interest from a wide variety of capital sources.”
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