Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Emerald Center, a 68,744-square foot industrial property located in Kissimmee. The asset sold for $4,100,000.

“The market for industrial properties remains incredibly robust and continues to be the product type of choice for investors looking for long-term yield with low cost of ownership”, says Douglas Mandel, Senior Managing Director Investments based in Marcus & Millichap’s Fort Lauderdale office.

“Emerald Center is one of the last remaining value-add industrial deals in the Orlando market. As vacancy rates continue to decline new ownership will benefit by being able to increase rents in the near term,” says Nicholas Hanson, Senior Associate based in Marcus & Orlando office.

Mandel and Hanson, had the exclusive listing to market the property on behalf of the seller, Berkeley Partners, based out of San Francisco. The team also represented the buyer, a private investor from South Florida.

Mandel and his team have sold over 800,000 square feet of industrial properties in 2018 with a strong pipeline of new industrial offerings coming to market in the 4th quarter of this year. “Investors are looking to take some chips off the table and see an opportunity to capitalize on strong demand for industrial properties”, continued Mandel.

Emerald Center is located at 931 Armstrong Blvd in Kissimmee, FL. The property is in the Osceola Industrial submarket of Orlando which currently has the lowest vacancy rate for flex and warehouse space in the Orlando market. The property consists of four multi-tenant, flex/warehouse buildings totaling 68,744 square feet and has suites ranging in size from 1,560 to 16,178 square feet, offering investors flexibility to accommodate a wide variety of tenant types, sizes and uses.

Eric Fixler of Marcus & Millichap Capital Corporation collaborated in providing capital markets solutions to the buyer pool.

About Marcus & Millichap (NYSE: MMI)

With over 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2017 with a value of approximately $42.2 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com