"The acquisition offered a great opportunity to own a premier office/flex asset for an attractive price at a main-and-main location," says Mark Lippmann, director of acquisitions with Praedium Group's Southern region. The property was purchased through its $900-million Praedium Fund VII real estate private equity fund, with San Antonio, TX-based USAA offering seller financing.
In addition to being an equity investor, Tower Realty will serve as property manager and leasing agent for Quorum Center. This marks the 13th JV acquisition with Praedium Group, according to Clifford Stein, co-founder of Tower Realty.
"We recognized this institutionally owned and managed complex was in excellent condition, and would fit into Praedium and Tower's portfolio as part of our strategy in this market," Stein says. Quorum Center was built between 1983 and 1987, and is currently 85% occupied.
Ron Rogg, executive vice president with CB Richard Ellis in Orlando, represented USAA in the sale of Quorum Center. USAA says it intends to use transaction proceeds for new acquisitions and development opportunities.
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