Resource Square I

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ORLANDO, FL—Crocker Partners has acquired Resource Square I& III – two fully occupied buildings in Orlando's CentralFlorida Research Park – in a joint venture with PCCP, LLC.

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"The quality tenancy and outstanding institutional assets madethis an obvious acquisition for us," said Angelo Bianco, managingpartner of Crocker Partners. "We have been strong believers of theOrlando market for nearly 30 years and are excited for theopportunity to add these assets to our growing Central Floridaportfolio."

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Crocker Partners Marketing Director Giana Pacinelli tellsGlobeSt.com that the purchase price was $50.4 million and theseller was TerraCap Management. There are approximately 25 tenantsbetween the two buildings, and most are  in thedefense, simulation and technology sectors.

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Recent Crocker activities in the Orlando region, which has hadthe nation's fastest growing job market for the last four years,include the sale of University Office Park in 2019, aftercompleting an extensive renovation, and the acquisition ofNorthpoint Center in Lake Mary in 2018. These efforts were led byJosh Edwards, Senior Vice President at Crocker, who oversees theNorth and Central Florida markets.

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Totaling approximately 245,000 square feet, Research Square I& III are adjacent to the University of Central Florida(UCF) inthe Research Park, the largest research park in the state. Thebuildings are minutes away from Waterford Lakes Town Center – 1.9million square feet of retail and restaurant amenities – and offerdirect expressway access to downtown Orlando and the OrlandoInternational Airport.

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JLL represented TerraCap Management and procured the buyer.Additionally, JLL worked on behalf of the borrowers, Crocker andPCCP, LLC, to secure the seven-year, floating-rate acquisition loanwith Synovus Bank. As the largest office landlord in the state,this latest acquisition will bring Crocker's total assets undermanagement in Central Florida to almost one million squarefeet.

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