Joe Rossi, vice president of locally based Grubb & Ellis/Commercial Florida's Investment Group, tells GlobeSt.com the price was "fair, in an area where fair market value deals are tough to find."
Rossi, associate Bret Felberg and Jeffrey Sweeney, managing principal and president of Grubb & Ellis/Commercial Florida, negotiated for Thomas E. Oakley, president of Oakley Groves. David Bates of locally based Republic Properties Inc. represented the seller. Batac had owned the property for 4.5 years. Roger M. Ross, chief financial officer at Oakley Groves, also participated in the transaction.
Sweeney tells GlobeSt.com the deal was done at this time because "Oakley was looking for an investment opportunity in the Orlando market…to diversify his company's holdings." The six-story building was never on the market. The deal took three months to complete, from letter of intent to closing.
"Through constant contact with numerous property owners, Grubb's Investment Group was able to identify multiple off-market deals," Sweeney says. "After consistently presenting financial projections these properties, Oakley ultimately decided to target Atrium Tower." Sweeney and his associates found the property after a month of data searching and personal interviews.
Sweeney declined to disclose the cap rate or the name of the lender who financed the acquisition. Oakley Grooves has equity interests in Central Florida real estate, agriculture and transportation industries. The company owns over 8,000 acres of citrus groves in Pasco and Highland counties.
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