ORLANDO, FLA. — Dalfen Industrial has acquired a 243-acre undeveloped parcel in Orlando, where the company plans to build a 2.8 million-square-foot speculative industrial project.
The Class A asset will be situated along State Road 417 near the interchange with Lee Vista Boulevard and Orlando International Airport. Dalfen plans to construct multiple facilities on the site, ranging from 100,000 to 1.5 million square feet. Total construction could exceed 3 million square feet when all phases are complete, according to the developer. The first building is scheduled for completion in the fourth quarter of 2021.
The seller and price of the vacant property were undisclosed.
“With this project, Dalfen Industrial is satisfying a strong need in Orlando, as there are a limited number of development projects in our market geared toward bulk users,” says Jared Bonshire of Cushman & Wakefield, who represented Dalfen in the land sale transaction. “While there are projects of this scale along the I-4 Corridor in Davenport, Apopka and Lakeland, this development is the first of its kind for Orlando.”
Dalfen Industrial is a Dallas-based buyer of industrial real estate, primarily focused on strategically located urban infill warehouses and distribution buildings. The developer recently acquired a 1.9 million-square-foot industrial portfolio in North Carolina, with major tenants including Crate & Barrel, Lenovo Group Ltd. and United Technologies Corp.
According to third-quarter data from Cushman & Wakefield, the most recent data available at the time of this writing, 3.2 million square feet of industrial construction was delivered to the Orlando region in 2019 and 2.5 million square feet were absorbed. New deliveries in the Airport/Lake Nona submarket, where Dalfen’s construction is located, totaled 1.6 million square feet with 72 percent vacancy.
Bonshire, Davide Perez and Taylor Zambito of Cushman & Wakefield represented Dalfen Industrial in the transaction, with assistance from Mike Davis, Rick Brugge and Rick Colon of Cushman & Wakefield’s Capital Markets Team. Bonshire, Perez and Zambito will also handle leasing for the asset.
— Alex Patton