ORLANDO—Entrust Realty Advisors is disposing of some Orlando office assets. The firm’s Alter Group affiliate, which specializes in the disposition and recapitalization of investment real estate, just sold two single-story office buildings spanning 105,457 square feet.

A private investment group controlled by Real Estate Inverlad acquired the office assets, which are located on 9.87 acres at Concourse at Quadrangle. The office buildings are 91% leased to high-credit tenants, including Siemens Corporation and State Farm Mutual. Financial terms of the deal were not disclosed.
 
“Having highly visible investment grade tenants in State Farm and Siemens Corporation, who already have a large footprint in the market, make the property attractive to investors looking for a stability,” James Clark III, managing principal at EnTrust, tells GlobeSt.com. Alter Group developed the office buildings in 2005 and 2006 within the 472-acre research and development park that’s adjacent to the Central Florida Research Park, the seventh largest R&D park in the nation.

Constructed in an L shape, the buildings have a 13-foot ceiling height; 1800-amp electrical services power system; and 537 surface parking spaces. Each building has multiple tenant entrances and accommodates single- or multi-tenant uses. Space in the 55,215-square-foot and 50,242-square-foot buildings is divisible to 5,000 square feet.

“Orlando is starting to see a recovery, albeit a slow one,” Clark says. “Through the third quarter of 2012, there has been five consecutive quarters with positive absorption, according to CBRE. Real Estate Inverlad’s strategy is to hold the assets and renew the tenants.”