JLL completes $42.75M sale and financing of Orlando business park

MIAMI, Dec. 20, 2023 – JLL Capital Markets announced today that it has completed the $42.75 million sale of and arranged acquisition financing for North Lake Business Park, a 271,988-square-foot, multi-use business park in the Orlando MSA.

JLL represented the seller, Taurus Investment Holdings, in the sale of the property to Basis Industrial. JLL also arranged $46 million in acquisition financing on behalf of the buyer for the purchase of North Lake Business Park and one additional property in Florida.

North Lake Business Park consists of 15 single-story buildings with flexible layouts for flex, office and medical tenants. The 86%-leased-property has 60 roll-up doors and generous surface parking. 

Situated on 28.7 acres, North Lake Business Park is located at 370-774 Northlake Blvd. in Altamonte Springs within the Orlando MSA. The property fronts Interstate 4, Orlando’s most traveled thoroughfare, providing direct access to the 2.8 million people living in the Orlando area. North Lake Business Park is approximately seven miles north of Downtown Orlando, is less than two miles from the AdventHealth Altamonte Springs Hospital and is close to an abundance of retail, dining and entertainment venues.

North Lake Business Park was one of four acquisitions completed by Basis Industrial.

“This $220 million portfolio transaction combining acquisitions, refinancing, multiple lenders and mezzanine financing represents our ability to achieve success in diversifying our asset classes and locations. This transaction, which took months, involved multiple sellers and lenders. It was extremely difficult, but we worked through it and got it closed,” said Anthony Scavo, COO of Basis Industrial. “We appreciate the sellers for working with us on extensions that gave us time to piece this difficult transaction together. Shallow Bay industrial assets have done very well for us, and we are extremely pleased to close on these properties to complete this portfolio, which offers unique benefits in strategic locations.” 

The JLL Investment Sales and Advisory team representing the seller was led by Managing Director Ike Ojala, Senior Director Robbie McEwan and Analyst Jeremy Fisch.

“North Lake Business Park received broad investor interest as it is a sought-after location for a variety of office, medical and service tenants who value the direct I-4 frontage and ease of access to the entire Orlando metro area,” Ojala said.

JLL’s Debt Advisory team representing Basis Industrial was led by Director Michael DiCosimo, Senior Managing Director Dustin Dulin and Analyst Mateo Bolivar.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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