The facility served as the former regional distribution center for Circuit City
Orlando, FL – March 12, 2015 – (RealEstateRama) — CBRE arranged the sale of a 706,560-square-foot distribution building located at 19925 Independence Boulevard in Groveland, FL. Louisville, Colorado-based Real Capital Solutions acquired the building from Magnolia Partners LTD. CBRE represented the seller in the transaction.
“This is a state-of-the-art distribution center in the rapidly improving Central Florida industrial market,” said CBRE’s Senior Vice President, David Murphy. “We have a lack of large Class A industrial availability. This will be an ideal building for a wide range of tenants, including ecommerce and other active industrial users in our market.”
“Typical of our strategy, we are able to buy off-market deals for attractive pricing. This allows us to offer tenants excellent lease value and generous tenant improvement allowances if their business needs it. Our business is highly entrepreneurial and we can respond very quickly to client needs,” said Marcel Arsenault, CEO of Real Capital Solutions.
Built in 1999, the cross-dock distribution center comprises three warehouse spaces ranging in size from 144,000 to 360,000 square feet. The industrial building served as the former distribution center for Circuit City, which supported 106 consumer electronics superstores across six states. The property offers convenient access to the Florida Turnpike and U.S. Highway 27.
CBRE’s sales team included David Murphy and Monica Perez Wonus. Joe Bowar and Dave Mazzarella of Real Capital Solutions represented the buyer.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
Real Capital Solutions
Real Capital Solutions was founded by Marcel Arsenault in 1984. Over the past 30 years, the Company has evolved from the dominant regional real estate investment company into a nationally-focused investor of value-added, workout, development and distressed assets. Over the past three years RCS has acquired or committed development capital to over $1.2 billion of commercial, condominium and homebuilding projects across the United States and in Spain. Please visit our website at www.realcapitalsolutions.com.