A private South Florida investor has purchased Ganesh Industrial Park in Oviedo for $22.15 million. The 198,000-square-foot property, located at 5700, 5707 and 5712 Dot Com Court in the Orlando suburb of Oviedo, was 96.7% occupied at the time of sale. Tenants include the University of Central Florida, Siemens and UnitedHealthcare.
The property is the largest privately-owned industrial/flex park in Seminole County and one of few industrial investment properties in Florida to trade hands since the onset of COVID-19.
Colliers Internationals’ Rossi-Hanson Investment Team including Joe Rossi, CCIM, and Nick Hanson, SIOR served as transactional brokers on the sale. Nick Ledvora of Marcus and Millichap represented the buyer. The seller is Ganesh Holdings, Inc., an Orlando-based investor and developer.
“The impact of COVID on the market is certainly top of mind for investors. Industrial space has emerged as the preferred asset class, with the demand for distribution centers continuing to grow,” said Rossi, Executive Managing Director of Investment Services for Colliers International in Central Florida. “The fact that this industrial/flex product offers tenants their own entrance directly into their space also eliminated concerns over the use of common areas, which may be a challenge for multi-tenant office buildings during the pandemic.”
Rossi and Hanson also recently served as the listing agents in the sale of a 39,457-square-foot office building in Daytona Beach. The property, located at 501 N. Grandview Avenue, sold for $1.25 million to a local private investor. The team has also been selected to be the listing brokers for a 500,000-square-foot-plus multi-state industrial sale/leaseback coming to the market later this year.
“Very few transactions have closed since March, and almost everything has been delayed as buyers struggle with financing and concerns over market dynamics in a post-pandemic environment,” said Hanson, Managing Director of Investment Services for Colliers International in Central Florida. “With two deals done and one in the works, we are definitely bucking the trends on delayed closings and slowed activity.”
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