On November 30th of 2018, Kennedy Investments purchased Ocala Logistics Center, a 254K sq. ft. industrial park at 5420 NW 44th Ave. in Ocala, Florida on behalf of KI Florida Fund I, LLC. This industrial park consists of 5 large warehouse buildings ranging from 11,000 to 98,000 sq.ft., several small ancillary buildings and covered work areas, a large billboard, and signage. Ocala Logistics Center offers ¼ mile of direct road frontage on the heavily trafficked I-75, offering excellent visibility and exposure to nearly 70,000 vehicles that pass by daily.
This distressed multi-building property formerly housed the operations of Mark III Industries, a recreational vehicle manufacturer active at the location in the 80’s and 90’s. After years of growing competition and declining sales of conversion vans, Mark III closed its doors in 2001, laying off hundreds of workers. In 2006, the large industrial park was divided into sections owned by multiple buyers. The portion purchased by KI Florida Fund in November of 2018 had been leased to multiple tenants over the years, but the property struggled with high vacancy and deferred maintenance.
Kennedy Investments acquired this property with plans for a multi-year renovation and lease-up project. However, on March 21st of this year, an out-of-state buyer acquired the property from KI Florida Fund I for a purchase price of $4.7M.
