JLL Capital Markets closes the sale of 280,437-square-foot industrial project
News release
22 May 2023
Two-building industrial space trades for $40.2M in Florida
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ORLANDO, May 22, 2023 – JLL Capital Markets announced today that it arranged the sale of Crossroads 429, a two-building, Class-A industrial development totaling 280,437 square feet in Apopka, Florida.
JLL represented the seller, Summit Real Estate Group, and procured the buyers, Drake Street Partners and Whalley Capital Group.
The industrial properties include key features such as rear-load configuration, 32’ clear height, 67 dock-high doors, 198 parking spaces and 93 trailer spaces. The 52.07-acre site is located at 2800 General Electric Rd. Apopka, a part of Orlando’s Northwest Orange County submarket, has grown substantially over the past five years due largely to the northward expansion of the local highway system.
The JLL Capital Markets Investment Sales and Advisory team was led by Managing Director Luis Castillo, Director Cody Brais and Senior Managing Director Dennis Mitchell.
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.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Summit Real Estate Group
Summit Real Estate Group (Summit) is an independent, partner-led commercial real estate company. Their integrated fund, development and Asset Management platforms focus on opportunities within select markets throughout the United States. Extensive industry experience and strong relationships, built over 25 years, enable Summit to be thoughtful stewards of capital, diligent operators of assets and trusted partners.
About Drake Street Partners
Drake Street Partners is a private real estate company that utilizes its extensive expertise to invest in real estate in the eastern United States. The company creates value for investors by acquiring and improving properties and focusing on repositioning renovation, and intensive asset management. Drake Street Partners owns and operates over 1,500,000 square feet of properties with a total valuation in excess of $400 million. Stuart Milstein founded Drake Street Partners in January 2015 and has acquired over $5 billion of real estate assets. He has worked on the asset management, repositioning and lease-up of over five million square feet.