SurgarOak paid Denver-based Alliance Commercial Partners $7.35 million or $86.47 per sf for the four-story structure one block from Interstate 4 and Lee Road, one of the area's aggressive retail and office submarkets.
Richmond, VA-based John B. Levy & Co. arranged and structured the financing for the acquisition. The $5.6 million loan is at a fixed-rate of 6.85% for 10 years and represents 77% of the total purchase price.
"The Orlando regional (office) market is rather soft with a vacancy rate hovering at 16% which provided a challenge and further demonstrates that financing is available for viable projects," John Levy, president, John B. Levy & Co., says in a prepared statement.
SugarOak applied for the loan June 11 and closed the transaction Aug. 2.
At the same time, Levy's firm arranged the acquisition/rehabilitation financing of $7.4 million for the 184-unit Century Oaks apartment complex in Durham, NC, another soft commercial real estate market. The loan closed in 20 days.
The Orlando and North Carolina loans are "two of the quickest transactions we have worked on," Levy says in the statement.
Built in 1974 and renovated in 1998, the 2699 Lee Road building is leased to 26 tenants. Among them are Advantis Health which operates Florida Hospital locations in Central Florida; Restaurant Administration Services, Miller, South & Milhausen and Florida Cardiology.
Brokers Brad C. Luger, Larry Randolph, Greg Morrison and Tim Perry of Advantis Real Estate Services Co./Orlando and Tampa, represented Alliance Commercial Partners in the sale transaction.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.