Sale of cold storage warehouse in Orlando closes

MIAMI, Dec. 19, 2022 – JLL Capital Markets announced today that it has closed the sale of and arranged financing for 2292 W Sand Lake Road, an approximately 150,000-square-foot cold storage warehouse in Orlando, Florida.

JLL represented the seller, Quirch Foods, in the sale to a joint venture between Banner Property Group and an institutional investor. Quirch Foods has executed a short-term lease-back while it vacates the premises. Additionally, working on behalf of the new owner, JLL arranged the floating-rate acquisition loan with a bank.

“We are pleased to have closed this transaction working closely with Quirch Foods and the JLL team,” said Jason Eisenberg of Banner Property Group. “With 2292 Sand Lake Road, we are well positioned to deliver high-quality freezer-cooler space in a prime Orlando location for both local and regional distribution.  This acquisition is highly consistent with Banner’s investment strategy focused on infill properties in Florida and continues to grow our portfolio within the cold storage sector.”

Situated on 8.9 acres in the heart of Orlando’s industrial market, 2292 W Sand Lake Road offers immediate access to the Florida Turnpike, Interstate 4, US-441 and State Road 528 and is also served by CSX railroad. In addition, the facility is less than ten miles from both the Orlando International Airport and downtown Orlando. The property immediately serves a dense local population of over 1.6 million residents within a 30-minute drive as well as 75 million annual visitors. The property can accommodate a single tenant or multiple users.

The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Luis Castillo, Directors Max La Cava and Cody Brais and Analyst Taylor Osborne.

“We remain extremely bullish about the fundamentals in both the cold storage space and the Orlando industrial market,” said Castillo. “Investor appetite for cold storage combined with the property’s infill location in the heart of Orlando drew amazing interest from investors seeking value-add opportunities.”

The JLL Capital Markets Debt Advisory team that represented the new owner was led by Managing Director Melissa Rose, Director Michael DiCosimo, Vice President Christopher Gathman and Analyst Nicole Barba.

“Cold storage has evolved from a niche sector difficult to finance to a high-demand asset class attracting multiple capital sources,” said Rose. “Lenders recognize that freezer cooler space is less susceptible to market volatility, with users most often related to the food industry.”

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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Quirch Foods is a food distribution company servicing ethnic and national grocers as well as foodservice distribution customers across the United States, the Caribbean, and Central and South America. Quirch operates approximately 500 refrigerated trucks and over 2.3 million square feet of combined distribution space through 23 facilities in Florida, Georgia, North Carolina, Tennessee, Alabama, Louisiana, Illinois, Texas, Washington, Oregon and Puerto Rico. Quirch is the exclusive distributor of High River Angus®, McKinneys Beef®, Panamei Seafood®, Diamond Reef® Seafood, Kikiriquirch® poultry, Jackson Farms™, Mambo Foods® and is a licensed distributor of Certified Angus Beef® and Chiquita® Brands frozen Tropicals and Fruits. To learn more about Quirch Foods and our brands, visit us online, follow Quirch (Facebook, Twitter, Instagram, LinkedIn), or call (800) 458-5252. 

Banner Property Group is an investment platform primarily focused on the Florida commercial real estate market. Banner is active throughout Florida and across multiple property sectors. It is focused on infill real estate opportunities which offer attractive relative value and are well positioned for long-term growth and value appreciation. For more information, visit www.bannerpg.com.