Atlanta's Carter Teams With CNL on Office Park Expansion

Carter will have an undisclosed equity stake in the project and be responsible for finding anchor tenants and owners for two additional build-to-suit structures on the property at Rouse and Lake Underhill Roads.

East Orlando is the strongest of 24 submarkets monitored by ColliersArnold Real Estate Services Inc. in the third quarter. The University/Research Park sector particularly leads the way with a vacancy factor of only 3.8%, compared to an overall Orlando vacancy level of 14.7%. University/Research Park's quoted average rents are $15.48 per sf

For Carter, its link with CNL is an extension of a formal alliance made earlier in the year. CNL gave Carter exclusive management and leasing contracts for its Downtown national headquarters site, the 350,000-sf CNL Center at City Commons, and the 71,000-sf 455 South Orange Avenue office building.

Carter's ties with CNL provide the Atlanta firm with "an opportunity to expand our presence and demonstrate our commitment to the Central Florida region through new equity development," Carter president/chief operating office Tom Senkbeil, says in a prepared statement.

CNL gets an industry-savvy partner in Carter. "Working with Carter will allow us to tap into the extensive expertise and knowledge of one of the most successful real estate companies focused on office and industrial product in our region," CNL Financial Group Inc. founder/chairman James Seneff, says in the same statement.

In East Tampa, FL, 80 miles west of Downtown Orlando, Carter manages and leases 100 Legacy Park, a 100,000-sf office building recently leased to Atlanta-based Home Depot Inc. Home Depot is using the property as a customer service call center for its retail stores in the Southeast.

100 Legacy Park is the first of eight building planned for the 70-acre office park at Interstate 75 and State Road 301. Carter will continue the pre-development and pre-leasing work for Legacy Park.