MIAMI—KBS Strategic Opportunity REIT is once again investing far from home. The public non-traded real estate investment trust based in Newport Beach, Calif. has scooped up Maitland Promenade II for $31.2 million plus closing costs. Maitland is a submarket of Orlando.
Located at 495 North Keller Road near the intersection of Maitland Boulevard and less than one mile from Interstate 4, Maitland Promenade II is a five-story office building that currently is 77% leased. The 230,366-square-foot, class A office space is home to Star Networks (First Data), United Healthcare, Zurich Insurance, Akerman, Senterfitt and Edison, and New York Life.
“We believe Maitland Promenade II is one of a handful of assets that tenants consider when looking for class A office space with efficient floor plates and covered parking in Maitland,” says KBS senior vice president Jeff Rader. “The Maitland submarket has benefited from its proximity to the Orlando Central Business District and we anticipate increased activity as tenants consider assets like Maitland Promenade II as a suburban alternative.”
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