The buildings acquired were the four-story, 266,881-sf MaitlandForum building at 2600 Lake Lucien Drive and the four-story,102,169-sf Park Center building at 2500 Maitland Center Parkway.Both contain on-site cafes, large floor plates and a four space per1,000-sf parking ratio.


"Maitland Center is one of the tightest submarkets in Florida,"says Eola Capital founder and CEO Jim Heistand, in a preparedstatement. "With this acquisition, we're strengthening our positionin one of the Southeast's strongest markets. Orlando, andespecially Maitland Center, has a lot of potential right now, withstrong employment, single-digit vacancy and rental-rate growth thatwe expect to continue."


The sellers were New York City-based DRA Advisors andMaitland-based Tower Realty Partners Inc. Maitland Center islocated near Interstate 4 and connects the Tampa, Lakeland, Orlandoand Daytona Beach areas. The properties were capitalized through ajoint venture with a public sector fund and a private equity fundraised and managed by Eola Capital's principals. Bank of Americawill provide debt for the transaction. Eola Capital plans to makecapital improvements to the properties.


With the acquisition, the company owns five properties in theOrlando area with a total of 1.04 million sf. The purchaseincreases the company's total assets to more than $1.6 billion withmore than 10 million sf.

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