ORLANDO—In a deal that marks the second-largest office investment sale in Orlando this year, Crocker Partners has acquired the Orlando University Center office park for $33.275 million. Crocker inked the deal via Auction.com.
The Orlando office portfolio includes five suburban office buildings spanning 386,512 square feet on 27.12 acres. The office assets are located at 3452, 3504 and 3505 Lake Lynda Boulevard, and 11301 and 11315 Corporate Boulevard, just west of the University of Central Florida in Orlando.
Fred Beasley and Bret Felberg of Colliers International Central Florida and John Crotty of Colliers International South Florida represented the seller, JPMCC 2005-CIBC13 Orlandville Offices, LLC, for which LNR is the special servicer. Boca Raton-based Crocker Partners represented itself.
Beasley tells GlobeSt.com the mortgage holder’s agenda is unknown but owner found a price that meet its needs: “These mortgage holders have billions of dollars of similar foreclosed assets—with hundreds of billions more anticipated to mature by 2016—which over time they must eventually sell to recapture cash. If a deal meets their internal reserve price or they feel no significant near-term value uplift is achievable they sell, especially knowing more foreclosure are incoming.”
The office park was approximately 70% occupied by 56 local, regional and national tenants at the time of purchase. Current tenants include Woolpert, Zenith Insurance, the Social Security Administration, and Dignitas.
“This is a well-located office portfolio that offered the buyer the ability to add value in the future, as well as capitalize on the in-place cash flow today,” says Felberg. “Fortunately, there is a lot of competition for attractive institutional properties.”