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Principal Pays $54.6M for Kissimmee Cold Storage Facility
An investor duo of InLight Real Estate Partners and Black Salmon Capital has sold off the Osceola Logistics Center in Kissimmee for $54.6 million. Principal Asset Management was the buyer of the 280,000-square-foot business park. InLight and Black Salmon bought the property in 2022 for $6.4 million. The Osceola Logistics Center (OLC), at 5010 and 5030 Industrial Lane, is mostly a cold storage facility.
The site is 100% leased to McClane Company, a grocery and food service supplier owned by Berkshire Hathaway. The company has a long-term lease with a 3.5% annual rent increase built in. The listing brochure said McLane is funding nearly $16 million in freezer and cooling equipment across the two recently completed buildings. McLane distributes and serves brands across America with over 80 distribution centers, over 25,000 employees, and over 10 billion pounds of merchandise delivered yearly.
Cushman & Wakefield represented the seller.
