"CBRE competed fiercely to list the asset and beat out several national competitors to get the listing," Rogg tells GlobeSt.com. Rogg and Gilbert also were challenged in their efforts "to tell the other interested parties that they would not have a chance to compete for the asset due to the aggressive interest from local buyers," Rogg says.

The winning bidder, Adventist Health Systems, parent of Florida Hospital Orlando, paid Decade Cos. of Waukesha, WI $9.1 million, or $80.25 per sf, for the 17-year-old, 113,402-sf building. The asset was only 20% occupied by 10 tenants at closing. The Bywater Co. of Orlando negotiated for Adventist.

The deal took 40 days to complete, from contract signing to closing. Included in that fast-track transaction was "a record 30-day inspection period and a 10-day closing" time, Rogg tells GlobeSt.com. The deal was done at this time "due to the overall strong interest (by buyers) in office buildings," the broker says.

Located in the second largest office submarket in Orlando after Downtown, the building was sold before CBRE could even complete a formal marketing plan for the asset. "Local investors and users were so interested that the typical marketing period was pre-empted due to the aggressive bidding," Rogg says.

The average asking base rent is $18.75 per sf. Decade had owned the building since September 2002. A cap rate wasn't applicable in this transaction "due to the low occupancy and the buyer was a user," Rogg tells GlobeSt.com. Investment sales remain robust with year-to-date sales totaling nearly 1.1 million sf valued at $124 million. Maitland Center sales alone totaled 331,196 sf valued at $49 million.