Goldman Sachs Affiliate Acquires Massive Lake County Warehouse for $97.5M
Scannell has sold a 990,670-square-foot industrial warehouse in Groveland, a town located just outside of Orlando, Florida. A Goldman Sachs-affiliated entity purchased the property for $97.5 million. Situated on an 89-acre site at 19800 South O’Brien Road, the warehouse was built in 2023 and is currently occupied by Wesco as a shipping and receiving facility.
The property is strategically located next to Groveland’s Ford Commerce Park, which houses Kroger’s regional distribution center. Additionally, it borders the planned $250 million Groveland Square mixed-use development, further enhancing the area’s growing commercial appeal.
Industry experts have noted significant growth in industrial construction throughout Central Florida. According to a recent Colliers International report, total industrial inventory from Tampa to Daytona Beach has increased by more than 14 million square feet over the past year, with another 9.3 million square feet currently under construction.
This expansion comes despite a rising vacancy rate, which climbed to 7.5% in the first quarter of 2024, up from 6% previously. The robust development activity indicates continued investor confidence in the region’s long-term industrial prospects.
