Canadian Firm Exits Central Florida

ORLANDO—Primera III, a 152,928-square-foot class A suburban office building in Lake Mary, FL, just traded hands. The sale is valued at $22.65 million, or 4148.11 per square foot.

Sun Life Assurance Company of Canada sold the asset to Banyan Street Capital. Cushman & Wakefield senior director Michael Lerner, executive director Mike Davis, and senior director Rick Brugge represented Sun Life.

“This transaction was a win-win scenario for both parties involved,“ Lerner tells GlobeSt.com. ”Our client was able to achieve strong pricing and a quick sale while Banyan, with this acquisition, now owns all five office buildings in Primera providing economies of scale and a strategic leasing advantage.”

Primera III is a six-story building located at 605 Executive Crescent Court near the Interstate 4 and Lake Mary Boulevard interchange in Lake Mary. The office building offers an on-site café with patio seating, a fitness center with lockers and shower, a parking ratio of five spaces per 1,000 square feet, and visibility from Interstate 4.

Primera III is currently 75% occupied. Tenants include York Risk Services, D+H, and Insurance Company of the West. Last February, Lerner, Brugge, and Davis brokered the sale of Primera IV to Banyan for $13.7 million on behalf of Guggenheim Real Estate.

CushWake research indicates that Orlando remains a desirable target market for investors. Many investors are looking to capitalize on the region's exceptional economic growth.

“The Orlando metro area consistently ranks near the top of all major Florida markets in terms of job growth and lowest levels of unemployment,” wrote Florida research manager Chris Owen in the 2Q 2015 Orlando Office Marketbeat report. “As a result, Cushman & Wakefield expects to see continued growth in Orlando's market fundamentals. Tenant demand remains healthy and will continue to put downward pressure on vacancy rates which will drive ongoing rent growth in the near-term.”