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Turano Baking Co. & Karis Cold Acquire 114 Acres Of Land Near Osceola Parkway For $23.5M

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SOLD
$23,500,000

Florida

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Turano Baking Co. & Karis Cold Acquire 114 Acres Of Land Near Osceola Parkway For $23.5M

1251 W Osceola Parkway Kissimmee, FL 34741

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Summary

FLORIDA
Asset Type:Land
Transaction Type:Sale

A commercial bread company and a cold storage developer have jointly acquired 114 acres of land near the Osceola Parkway - Florida's Turnpike interchange in Kissimmee. The property, known as the Constellation Planned Development, was rezoned last year for industrial use. The sale price for the transaction was $23,500,000. Turano Baking Co. purchased 55 acres, while Karis Cold, a private investment and development company specializing in cold storage, bought 68 acres.

Summary of transation details

  • Property Type: Land
  • Transaction Amount: $23,500,000
  • Address: Osceola Parkway
  • Market: Kissimmee
  • Asset Type: Land
  • Acres: 114

The buyer of the property is Turano Baking Co., a commercial bread company. Karis Cold, a private investment and development company specializing in cold storage, acted as the seller. The deal was facilitated by Jared Bonshire from Cushman & Wakefield.

Players

Jared Bonshire
Cushman & Wakefield
Jared Bonshire
7 deals$170.5M volume
BROKER

Details

SOLD
IMAGE: Jared Bonshire DATE: 06/05/2023 ADDRESS: Osceola Parkway MARKET: Kissimmee ASSET TYPE: Land ~ ACRES: 114 BUYER: Turano Baking Co. (@TuranoBread) & Karis Cold SELLER: Wendell “Jock” Spears BROKER: Jared Bonshire (@Jareduofk)- Cushman & Wakefield (@CushWake) SALE PRICE: $23,500,000 NOTE: A commercial bread company and a cold storage developer have jointly acquired 114 acres near the Osceola Parkway - Florida's Turnpike interchange, which was rezoned last year for industrial use, for a total of $23.5 million. The property, known as the Constellation Planned Development, was divided into two parcels, with Turano Baking Co. buying 55 acres and Karis Cold, a private investment and development company specializing in cold storage, purchasing 68 acres.

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Deal Type
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)

$1,253,333.33

Debt Service Coverage Ratio (DSCR)

0.94x

Cap Rate

5.33%

Cash Flow (Annual)-$83,490.54
Cash-on-Cash Return-1.27%
Monthly Debt Service$111,401.99
Annual Debt Service$1,336,823.87