OCOEE, Fla., March 27, 2018 (GLOBE NEWSWIRE) — Cite Partners, a Central Florida commercial real estate firm, today announces City Furniture, one of the largest home retailers in the state of Florida, signed a 10-year lease at The Park @ 429 in Ocoee.
City Furniture leased 246,031 square feet at 300 East Crown Point Rd. The company’s new property, which is a full building deal, will serve as its distribution center for its Central Florida stores. BlueScope Property Group, the owner-developer for The Park @ 429, will deliver the building in April, at which point City Furniture will build out the interior with plans to open in October. The Class A building offers some of the best specs in the market with 32′ clear height, tilt wall construction, 185′ truck court, 85 trailer parking spaces and frontage on Florida State Road 429.
“This is a significant deal for the Central Florida industrial market,” said Matt Sullivan, managing director, principal for Cite Partners. “The Park @ 429 is the first institutional quality facility in the Ocoee/Winter Garden submarket. It’s a long-term deal with a new tenant in the market rather than a tenant relocating, so it’s pure net absorption in a location that is establishing a new submarket.”
With the City Furniture deal, The Park @ 429, which is leased and managed by Cite Partners, comes to 76 percent overall occupancy prior to completion of the development. The Park @ 429 is a Class A industrial and office park located in the city of Ocoee with immediate access to the Western Beltway, Florida Turnpike and East-West Expressway.
“As we prepare to open retail stores in Millenia and Altamonte Springs, we needed a distribution hub that could easily serve those stores, along with our stores in The Villages,” said Ryan Cronin, Vice President of Real Estate with City Furniture. “The Park @ 429 provides us with an ideal location near three major easy-to-access highways.”
Cite Partners’ industrial team of Wilson McDowell, Matt Sullivan and Bobby Isola represented BlueScope Property Group in leasing the property to City Furniture. David Hale of Julius M. Feinblum Real Estate represented City Furniture.
About Cite Partners
Cite Partners, founded in June 2014, is a commercial real estate company located in Orlando that offers brokerage, consulting and management for clients in a wide array of industries. Cite was founded on the idea that taking a team approach to a client’s success is the future of commercial real estate. Cite’s vision is to be able to create a competitive, rewarding and results-oriented environment that encourages strong internal and external relationships and allows the company to deliver exceptional results to clients. Cite also releases quarterly reports detailing the state of the commercial real estate industry in Central Florida. For more information and to view the reports, visit www.citepartners.com.
Uproar PR for Cite Partners
321-236-0102 ext. 233