LaSalle Property Fund Acquires Major Distribution Space in Orlando

News Summary

LaSalle Property Fund has made headlines by acquiring 510,000 square feet of prime distribution space at Princeton Oaks in Orlando for $103 million. This significant transaction is part of a growing industrial park, showcasing a strong market for industrial investment in the Orlando area. The property is fully leased, housing key tenants and contributing to the workforce development with training programs. With plans for future expansions, Princeton Oaks is set to become a hub for industrial operations in the region.

News Summary

Big Moves in Orlando: LaSalle Property Fund Snags Major Distribution Space

Orlando is buzzing with excitement as LaSalle Property Fund has just pulled off a *massive* deal, acquiring 510,000 square feet of prime distribution space at Princeton Oaks for a *whopping* $103 million in cash. This transaction went down just days before the curtain rises on 2025, making it a sizzling headline for the new year!

Location, Location, Location!

Located at 3399 W D Judge Dr., this expansive property sits to the west of John Young Parkway. It’s super convenient and easily accessible, making it the perfect spot for distribution operations. The seller behind this lucrative transaction was Princeton Oaks Industrial Investors LLC, a collaboration between Foundry Commercial and PGIM Real Estate, also known as Prudential.

A Growing Industrial Park

To paint you a picture, LaSalle’s recent purchase includes five buildings that are part of the initial phase of the industrial park, which was completed between 2018 and 2019. Each building is not just large but strategic, ranging from 86,400 square feet to 118,800 square feet, and guess what? They are completely leased out! That’s right, this space is buzzing with activity, housing key tenants such as Proformance Builder Solutions, Richelieu Orlando, Ultimate Auto, Express Parts, and Ferguson HVAC Supply.

Investing in the Workforce

But that’s not all! Princeton Oaks is also taking strides in workforce development. In 2021, Valencia College launched a 26,400-square-foot Orlando Mid-town Center for Accelerated Training right within the industrial park. This center offers a *variety* of non-degree workforce training programs. Whether you’re interested in welding, carpentry, or even getting trained to become a distribution operations technician, there’s something for everyone!

Future Plans and Expansions

The vision for Princeton Oaks doesn’t stop here. By the time the final phase is completed, expected in Q2 of 2025, the park will span a jaw-dropping 1.04 million square feet across ten buildings! The next phase includes five more buildings, ranging from 87,504 square feet to 148,270 square feet, contributing to a well-rounded industrial hub.

The ongoing phase 2A, completed in 2023, brings a fresh 284,112 square feet of fully leased space across three buildings, while the last two buildings of phase 2, totaling 235,774 square feet, are set to open their doors in Q2 of 2025.

An Ideal Industrial Hotspot

Spanning over 123 acres within the Silver Star/Midtown submarket, Princeton Oaks is strategically positioned to capitalize on the area’s dynamic growth. This submarket boasts a *significant* 25 million square feet of industrial space and a reported industrial vacancy rate of only 1.77% as of Q3 2024 — the second-lowest among ten submarkets in Orange and Seminole Counties.

When you look at the overall industrial vacancy rate for Orange and Seminole Counties, which sits at 7.52%, you can really appreciate the desirability of this area for industrial investment.

A Lucrative Market

This ginormous sale marks the third-largest industrial transaction in the Orlando market for 2024. It joins the ranks alongside other substantial deals this year, such as a $140 million purchase of four buildings totaling 1.2 million square feet in Davenport and a $120 million transaction at the Lee Vista Business Center.

For LaSalle Property Fund, this recent acquisition at Princeton Oaks is their second major leap into the Orlando market this year, following a $38 million purchase of two industrial buildings back in July. It seems Orlando is hot on the radar for major property investments, and LaSalle is right in the thick of it!

As we dive into 2025, it’s clear that the industrial scene in Orlando is flourishing — and with additional developments in the pipeline, there’s plenty of excitement to look forward to in the coming months!