News

Orlando, Fla. (June 26, 2024) – In a transaction that capitalized on Foundry Commercial’s cross-platform strengths, the company sourced the land, the tenant, and, ultimately, the owner and developer for an industrial building in northwest Orange County. Upon closing, Foundry is now developing a 112,000 square-foot facility, in conjunction with First Industrial Realty Trust, Inc., a leading owner and developer of logistics real estate in Florida and other top U.S. markets. The deal was facilitated by Foundry’s North Florida industrial team of Principal Justin Ruby and Vice President Jerod Freeland, who joined forces with Foundry Deal Principal Paul Reynolds, CCIM and Senior Vice President Andy Sineni on the Development & Investments side of the business.
“This was a unique opportunity to service three clients – First Industrial, Addison HVAC, and a private land seller – in one transaction. Starting with a tenant who had an expansion requirement adjacent to a land parcel we listed, we were able to coordinate the puzzle pieces. Foundry’s Development team organized all parties, including to bring in First Industrial through a long-standing relationship as the investor and long-term owner of the project,” said Ruby.
Located just off the SR 414 Apopka Expressway and North Orange Blossom Trail, the tilt-wall building is expected to be completed in the summer of 2025. Foundry’s Development and Investments team, which includes Sineni and Reynolds, will oversee the construction. When built, the facility will house Addison HVAC and serve as the distribution facility for their commercial air conditioning units. Next door, Addison HVAC will be manufacturing the units in its 140,000-square-foot headquarters building.
“Given the adjacent proximity of the existing production facility to this site, this build-to-suit solution was a natural fit for Addison. Operational efficiency gains in logistics are a goal that many companies have but it often takes a creative real estate solution to realize them,” added Sineni.
Founded in 1949 in Michigan, Addison HVAC moved its manufacturing operations to the Orlando area in 1990, where the 112-person company has had its base of operations ever since. Addison HVAC’s mission is to make the world safer, healthier, and more productive, with a focus on comfort in the commercial sector.
“Our partnership with Foundry and First Industrial enhances our world-class facilities, allowing us to bring more high-paying jobs to our home in central Florida,” said David Salyer, Director of OEM Sales and Strategy, Addison HVAC. “With this additional space, Addison will be perfectly positioned to begin the next chapter of our growth story, making the world safer, healthier, and more productive one indoor environment at a time.”
“We look forward to delivering this high-quality building, being a part of Addison’s supply chain solution, and counting them among our valued tenants,” said Chris Willson, executive director for First Industrial’s Florida market.
For more information on Foundry’s industrial real estate capabilities, visit Central Florida Industrial Team. For more information on Foundry’s build-to-suit / user development services, visit User Development Services.