The partnership's first acquisition was the two-building, 194,671-sf Maitland Green complex located off Interstate 4 and south of Maitland Boulevard in Orlando. The complex includes two class A buildings, the 110,959-sf Maitland Green I and the adjacent 83,712-sf Maitland Green II. Stiles represented the joint venture in the transaction and Robert Hamor, of DTZ Rockwood Realty, represented the seller, New York-based Rreef Funds.

"We are seeking properties to expand Stiles' presence in the Orlando area and Capri's national expertise and depth of resources are key to capturing opportunities," says Stiles Corp. president Doug Eagon. "This first acquisition in the heart of Maitland reflects our confidence in the market's strong appetite for corporate space when relatively little new office construction is under way."

Stiles Property Management will manage the buildings. Constructed in 1986, Maitland Green I is 100% leased. Built in 1988, Maitland Green II is 85% leased. Tenants include Fidelity Information Services, Florida Gas Transmission Co., First Magnus Financial Corp. and University of Phoenix.

"This partnership with Stiles Capital builds a solid foundation to achieve one of Capri's goals which is to target value-add and core-plus properties in Central Florida," says Capri president and CIO Louis Hoyes. "With an 8% office vacancy rate in Orlando, phenomenal employment growth across the region, and close proximity to the airport, downtown, shopping and restaurants, this property has a strong investment future."

The Orlando and Tampa office markets have been strong in recent months with expectations that market strength will continue, according to Marcus & Millichap Q3 office market reports. In Orlando, vacancy is expected to fall a total of 250 basis points in 2006 to 9.6%, compared with a 290 basis point improvement last year, as completions of new space again fail to keep up with demand. In Tampa, vacancy is projected to fall 100 basis points over the course of 2006 to 10.8% by year's end. This compares with a 460 basis point vacancy improvement last year, according to the reports.