JLL Capital Markets led the financing efforts for Commerce 429 in Ocoee
News release
17 January 2023
$45.1M financing secured for industrial development in Orlando MSA
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ORLANDO, Jan. 17, 2023 – JLL Capital Markets announced today that it has arranged $45.1 million in construction financing for the development of Commerce 429, a two-phase, eight-building, Class A industrial facility totaling 485,813 square feet in Ocoee, Florida, a municipality located within the greater Orlando MSA.
JLL worked on behalf of the borrower, McCraney Property Company, to secure the four-year construction financing.
The entire project will comprise eight buildings totaling over 485,000 square feet of Class A industrial space. The first phase of the project consists of six rear-load buildings with sizes ranging from approximately 27,000 square feet to 131,000 square feet. The second phase of the project will consist of two rear-load buildings totaling approximately 76,000 square feet and 95,000 square feet, respectively.
Commerce 429 is located on an approximately 40-acre site at 1290 Ocoee Apopka Rd. The property has direct frontage on SR-429 and strong access to the Florida Turnpike, Orlando International Airport and the International Drive Corridor. The site is within four hours of every major MSA in Florida.
The property is located within Northwest Orange County, a high-performing industrial submarket of the Orlando MSA. Northwest Orange County has seen outsized tenant demand relative to inventory, with current vacancy at 3.6% and 32% rent growth since 2020 - over twice Orlando MSA’s rent growth of 14% since 2020.
The JLL Capital Markets team representing the borrower was led by Managing Director Melissa Rose, Director Michael DiCosimo and Analyst Mateo Bolivar.
“The lender provided a great execution, closing through a volatile time in the capital markets,” said Rose. “Construction financing for spec industrial project is still available for best-in-class sponsors developing premium projects in growth markets.”
JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales 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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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About McCraney Property Company
McCraney Property Company (“MPC”) is a leading industrial owner and developer based in Orlando, FL. A multiple-time recipient of NAIOP’s Central Florida Developer of the Year Award, MPC has established itself as one of the top purveyors of high-finish industrial assets in the country. Their focus on core Southeastern markets, differentiated building design, transit connectivity and tasteful landscaping set their products apart in this highly active development sector. MPC currently has 17-million-square-feet of industrial projects in their pipeline.