It is believed that a recent multi-million dollar property sale in Florida will bring new businesses to the Orlando area. A prime piece of agricultural property was bought by Crews Commercial Venture LLC, with the intent of building a new industrial park. This new commercial property will certainly give area business owners, and others looking to move to the area, more options for setting up shop.
According to a recent report, a 53-acre plot of land in Orange County was purchased for just over $11 million. Its location is on the southwest side of the city. Current plans for the property include building approximately 1 million square feet of industrial space.
There is no word as to when this project will be completed. When it is, it is believed that this new space will help improve the local economy by bringing in new businesses and, possibly, higher paying jobs. This space will also give existing businesses in the area more options for moving or expanding operations.
Orlando is said to be one of the top-ranked markets nationwide for investment in industrial property. There is a need for commercial property in prime areas and this project will certainly fill that need, but those who invest in commercial property take on significant risks. There is a lot of money involved in getting a project of this magnitude off the ground and making money. At the end of the day, property investors and potential tenants both have interests that need to be protected. When this property is up and running, legal assistance is available to help both sides negotiate lease agreements that serve those interests and are in line with their future goals.
Source: bizjournals.com, "Exclusive: Orlando land sold for new 1M SF industrial project", Anjali Fluker, Dec. 21, 2015