JLL arranges $97.25 million sale of Duke Energy's Florida distribution hub

MIAMI, June 26, 2025 – JLL Capital Markets announced today the $97.25 million sale of Turnpike Logistics Center, a mission-critical, Class A distribution facility totaling 977,441 square feet in Groveland, Florida.

JLL represented the seller, Scannell Properties, in the sale to Goldman Sachs Alternatives.

The state-of-the-art cross-dock industrial property, constructed in 2023, is fully leased to Duke Energy (NYSE: DUK), a Fortune 150 company and America's largest power distributor with an investment-grade credit rating of BBB+ from S&P. The property serves as Duke Energy's Florida headquarters and distribution hub.

Located at 19800 S Obrien Rd., the facility offers exceptional connectivity to major transportation arteries including Florida's Turnpike, US Route 27, I-4 and I-75. This strategic position provides access to the entirety of Central Florida and Duke Energy's Southeastern U.S. service area within ten hours.

The facility features cutting-edge specifications including 40-foot clear heights, 212 dock-high doors, four drive-in doors, 130-foot truck court depths and 550-foot building width. Additionally, the property encompasses 381 auto spaces, 235 truck/trailer spaces and a 2.6-acre IOS laydown yard.

The JLL Capital Markets Investment Sales and Advisory team was led by Senior Managing Directors John Huguenard and Luis Castillo, Managing Director Cody Brais, Associate Taylor Osborne and Analyst David Orta Jr.

"This transaction represents the strong investor appetite for high-quality industrial assets with investment-grade tenancy," said Huguenard. "Turnpike Logistics Center's strategic location between Orlando and Tampa provides Duke Energy exceptional access to its entire Florida service area, making this a mission-critical facility backed by strong in-place cash flow and attractive annual rent escalations."

Brais added, "The Orlando industrial market has proven its resilience and growth potential with 15 consecutive years of positive absorption. We anticipate continued strong performance across Central Florida's industrial sector, creating long-term value for institutional-quality assets like Turnpike Logistics Center."

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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Scannell Properties is a privately held real estate development and investment company that focuses on build-to-suit and speculative development of industrial, office, and multifamily facilities throughout the U.S., Canada and Europe. Since its inception in 1990, Scannell Properties has completed 615 development projects totaling 150 million SF. For more information, visit scannellproperties.com

Goldman Sachs (NYSE: GS) is one of the leading investors in alternatives globally, with over $500 billion in assets and more than 30 years of experience. The business invests in the full spectrum of alternatives including private equity, growth equity, private credit, real estate, infrastructure, sustainability, and hedge funds. Clients access these solutions through direct strategies, customized partnerships, and open-architecture programs. The business is driven by a focus on partnership and shared success with its clients, seeking to deliver long-term investment performance drawing on its global network and deep expertise across industries and markets. The alternative investments platform is part of Goldman Sachs Asset Management, which delivers investment and advisory services across public and private markets for the world’s leading institutions, financial advisors and individuals. Goldman Sachs has more than $3.1 trillion in assets under supervision globally as of December 31, 2024.

Established in 1991, Real Estate at Goldman Sachs Alternatives is one of the leading investors in real estate with over $60 billion in capital invested since 2012 across the spectrum of investment strategies from core to opportunistic and credit. The global team invests across all sectors with deep expertise across the capital structure, in assets ranging from single properties to large portfolios, through senior mortgages, mezzanine debt and equity. Follow us on LinkedIn.