LRC Props. buys 209,000 s/f resource center

Oviedo, FL In a joint venture, LRC Properties and an institutional partner bought a resource center at 5700, 5707 and 5712 Dot Com Ct.

The sale includes three shallow bay buildings totaling 209,000 s/f that are 80% leased. LRC Properties is planning to repair the roofs, demolish excess space to convert back into more traditional industrial space, and will complete several other upgrades, including landscaping and signage.

“This is our first entry into the Orlando market, and we are thrilled to continue our strategy of acquiring well-located shallow-bay industrial buildings off market throughout the Sunbelt, and particularly Orlando, with this purchase,” said Karie Nero, principal of LRC Properties. 

“We have watched the Orlando market continue to thrive and grow with rapid population growth due to the healthy business environment and favorable taxes in Florida. Further, the Orlando International Airport is one of the largest demand drivers for industrial use. It is the 7^th busiest airport in the U.S. due to population growth and tourism. Orlando has long been a distribution backbone for the state of Florida due to its central location.”

“We are actively seeking additional opportunities in this market, as well as in others, to continue to provide high returns for our investors,” Nero said.

With this purchase, LRC Properties owns 6.2 million s/f of commercial properties in the Southeast with assets under management approaching $550,000,000.