Offices at Southland, a class B, nine-building complex, was developed in phases between 1983 and 1985. The site houses 40 tenants in seven one-story buildings and two two-story structures. The 20-acre property is at South Orange Blossom Trail and Sand Lake Road, a redeveloping commercial location, area retail brokers tell GlobeSt.com.

Ten buyers were bidding for the property, Charles Foschini, senior director in the Miami office of CB Richard Ellis-L.J. Melody Co., tells GlobeSt.com. The deal was done at this time because "it was the end of a hold period [for the seller] and there were ideal market conditions for a sale," Foschini says.

The property was on the market for about six weeks. The deal took about five months to complete, from letter of intent to closing. CBRE's Miami and Orlando offices negotiated for the seller. Professors Capital represented itself.

In October 2004, entities of Professor Capital purchased a three-building, 32%-leased, 340,000-sf office portfolio from AT&T in suburban Lake Mary. Professor Capital officials couldn't be reached by GlobeSt.com's publication deadline to learn why the deal was done at this time. However, the company's website states PC is "searching for value-added buildings in several categories, including financially distressed apartment complexes, financially distressed or substantially vacant office or office and industrial complexes, and distressed niches." Most of PC's recent acquisitions have been in the $3-million to $15-million range.

For Delma Properties, Offices at Southland was its second disposition in Central Florida in the past two years. In October 2004, Delma sold its 238,722-sf City Center office building in St. Petersburg to IPC US Income REIT of Toronto for $22.2 million or $92.93 per sf, as GlobeSt.com previously reported.