Colliers Brokers $19M Sale of Park Center Industrial Complex in Orlando
ORLANDO, FLA. — Colliers International has brokered the sale of Park Center, a 200,400-square-foot industrial complex in Orlando. The Geneva Group, a real estate investment and property services firm based in Deerfield Beach, Fla., has purchased the property for $19 million. A private investor group doing business as Park Center Properties LLC was the seller.
Park Center, which was fully leased at the time of sale, is located west of North John Young Parkway and north of Lake Breeze Drive, in Orlando’s Northwest Orange submarket.
The transaction included eight parcels with a total of 16.7 acres. In addition to one vacant lot, the property includes six single-story small bay warehouses and one dock-high warehouse and assembly building. Geneva Group has begun on renovations of Park Center, including new paint and roofs, enhanced lighting, a parking lot overlay and new signage.
Park Center was leased to 44 tenants at the time of the sale to predominantly local and regional businesses.
Joe Rossi and Nick Hanson of Colliers brokered the transaction. With the acquisition of Park Center, Geneva Group now owns 631,352 square feet of industrial space in Central Florida.