JV Buys 2 Orlando Offices for $50M

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

“The quality tenancy and outstanding institutional assets made this an obvious acquisition for us,” said Angelo Bianco, managing partner of Crocker Partners. “We have been strong believers of the Orlando market for nearly 30 years and are excited for the opportunity to add these assets to our growing Central Florida portfolio.”

Crocker Partners Marketing Director Giana Pacinelli tells GlobeSt.com that the purchase price was $50.4 million and the seller was TerraCap Management. There are approximately 25 tenants between the two buildings, and most are  in the defense, simulation and technology sectors.

Recent Crocker activities in the Orlando region, which has had the nation’s fastest growing job market for the last four years, include the sale of University Office Park in 2019, after completing an extensive renovation, and the acquisition of Northpoint Center in Lake Mary in 2018. These efforts were led by Josh Edwards, Senior Vice President at Crocker, who oversees the North and Central Florida markets.

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

JLL represented TerraCap Management and procured the buyer. Additionally, JLL worked on behalf of the borrowers, Crocker and PCCP, LLC, to secure the seven-year, floating-rate acquisition loan with Synovus Bank. As the largest office landlord in the state, this latest acquisition will bring Crocker’s total assets under management in Central Florida to almost one million square feet.