NAI Realvest Closes Sale of Orlando Industrial Portfolio in Orange, Seminole Counties for $24 Million

ORLANDO, Fla. --- NAI Realvest recently closed the sale of an industrial portfolio in Orange and Seminole counties that totals more than 525,000 square feet of space. The transaction was handled by the NAI Realvest investment team of George Livingston, Chairman, Principal Christie Alexander, Broker Associate Drew Saphos, CCIM, and Paul Vera, along with Principal Michael Heidrich, who will continue to lease the portfolio for the new owners. Blue Vista Capital Partners in Chicago and Rio Hondo Capital Partners of Baltimore, in a joint venture, paid $24 million for the portfolio. The seller of the properties was Cornerstone Core Properties REIT. The portfolio includes Monroe CommerCenter North, located at 4150-4200 Church St. in Sanford; Monroe CommerCenter South, at Church Street and Monroe Road in Sanford; Hanging Moss CommerCenter at 6100-6148 Hanging Moss Rd. in Orlando; and Goldenrod CommerCenter, 1460-1476 Goldenrod Rd. in east Orlando. All four CommerCenter properties were developed within the past 12 years by Realvest Development and Small Bay Partners LLC, a group that included Livingston, banker Geof Longstaff and longtime area developer Howard Schieferdecker. NAI Realvest Property Management will continue to serve the new owners as management agent for the portfolio.