Property

Avistone Presidents, LLC Orlando, FL

Property
Type
Industrial
Investment Type
Property
Asset Profile
Core
Min. Investment
$50K
Estimated Hold
3-5Y
Target Return (IRR)
13.2%
Target Annual Cash
7.8%
Only 9 spots left to invest
 

Offered By

Avistone LLC

Laguna Niguel, CA

Avistone is a rapidly growing real estate investment management firm with expertise in the acquisition, operation and management of multi‑tenant industrial properties nationwide. Founded in 2013, Avistone today owns and operates over 1.3 million square feet of industrial...

 

About this Property

Avistone, LLC has recently acquired the multi-tenant flex-industrial property commonly known as Presidents Plaza located on Presidents Drive in the city of Orlando, Florida. Built in 1986 and consisting of 108,432 square feet of space, the property is sited on 7.98 acres and currently 94% leased to 16 tenants. Presidents Plaza is located in the Orlando Central Park Submarket, which enjoys an overall occupancy rate of 93.6% (Source: Cushman & Wakefield).

Avistone has acquired the Property for $9,000,000, which represents $83.00 per square foot and is estimated to be substantially below the property’s replacement value. Avistone locked in fixed-rate, first mortgage loan from Starwood Mortgage in the amount of $6,300,000 at a fixed-rate of 4.425% for a 10-year term. Total capitalization is $10,437,000, and is inclusive of costs and reserves in connection with the offering.

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Key Points

  • Orlando MSA Industrial Market is strong: With a base of over 109.6 million square feet, the overall market vacancy is 7.4% and has experienced positive net absorption every year over the last several years.
  • Prime Location: Presidents Plaza is located in the Orlando Central Park Industrial submarket, one of the most active markets in the past year, with net absorption of over 723,000 square feet of space. The total vacancy rate for the submarket stands at 5.2%, one of the lowest in the overall Orlando market.
  • Job Growth: Employment growth in the Orlando region continues to out-perform the national average.
  • Below replacement cost / High barriers to entry: The Property’s acquisition price is well below its replacement cost; the high cost of any new construction would result in significant rental growth for existing product.
  • Very low vacancy rates in Orlando’s Central Park Industrial Market and the lack of new development of multi-tenant industrial projects: Currently, tenants have very limited options for movement within the market. As a result, tenant retention is expected to remain very high providing strong cash flow in the foreseeable future.
  • Strength of the light industrial / small business sector: With a building size of 108,432 and size of suites averaging 6,100 square feet, the Property caters to light manufacturing, local distribution and other small businesses that are one of the primary driving forces of the economy.
  • Limited New Supply for Small Bay Sector: With “big box” buildings dominating the bulk of new construction in the Orlando market, new supply of multi-tenant space has not kept up with demand for the light industrial sector; an investment in the Property may allow an investor to take advantage of expected rental rate growth going forward.

About this Sponsor

Avistone LLC

Laguna Niguel, CA

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Financials

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Location Details

Orlando, FL

The Orlando industrial market is one of the country’s leading “institutional quality” markets, and has increasingly become a major distribution hub for Florida with its geographic position in the state at the crossroads of Interstate 4, the Florida Turnpike, the Beachline Expressway, State Road 408 and State Road 417. The region’s robust industrial market is at the forefront of economic growth with its increasing demand for warehouse/distribution facilities and leads the state in job and financial growth.

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Documents

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Frequently Asked Questions

Below are some of the most frequently asked questions about this offering.

The first projected distribution is scheduled for December 2016.

Distributions are scheduled to go out on a monthly basis.

No, this offering is only available to US residents

No, this offering is not available for a 1031 exchange.

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