The Stein-Berman partnership paid locally based OABC Ltd. $17.25 million, or $97.45 per sf, for the six-building, single-story office complex north of Orlando International Airport at 5730-5892 S. Semoran Blvd. Ron Rogg of CB Richard Ellis Inc.'s Orlando office negotiated for the seller. Stein-Berman represented Airport Business Associates LLC, the partners' recorded entity that purchased the property.
Rogg tells GlobeSt.com the deal was done at this time because OABC had owned the asset for 10 years and it was "easy to close at 100% occupancy." The average asking gross rent range at the park is $10 per sf, triple net. Rogg says there were no environmental or governmental challenges the seller or buyers had to overcome before closing the deal. The property was on the market three months.
Berman tells GlobeSt.com Tower Realty Partners owns land in SouthPark and Central Florida Research Park where another 150,000 sf of office may be developed in the near future. Berman says the estimated value of the partners' existing 750,000-sf office and retail portfolio is $110 million.
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