Inland's Three Celebration Place Buildings Recorded at $70.6M

ORLANDO-Inland Real Estate Acquisitions Inc. of Oak Brook, IL didn’t pay the highest price-per-sf for an office asset in metro Orlando on July 8 as previously reported, but the number was still one of biggest recorded to date, Orange County real estate records now show.

Inland bought three office buildings, totaling 440,000 sf, from Walt Disney World’s Celebration Co. for $70.6 million or $159.22 per sf.

Area brokers familiar with the transaction had told GlobeSt.com the estimated sale price at the time was $88 million or $200 per sf, which would have made it the largest local office deal ever, based on per-sf-price.

Inland and Disney won’t disclose the purchase price details. But county records now show Inland paid $27.18 million or $155.31 per sf for the 175,000-sf, nine-story, seven-year-old 200 Building; $11.22 million or $149.60 per sf for the four-story, 75,000-sf, seven-year-old 210 Building; and $31.66 million or $166.63 per sf for the six-story, 190,000-sf, one-year-old 220 Building.

The last big office deal in Orlando was recorded Sept. 20, 1996 when Chicago entrepreneur Samuel Zell paid $124.21 million or $170 per sf for the tallest building in Central Florida–the 35-story, 654,678-sf Downtown SunTrust Center, the adjoining seven-story, 76,000-sf Park Building and 1,300-car parking garage within SunTrust Center.

The sellers were Atlanta-based SunTrust Bank, Dallas-based Lincoln Property Co. and Teachers Insurance and Annuity Association of New York.