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ORLANDO-Small office buildings continue to attract buyers willing to pay top dollar for strategically located Central Florida properties, brokers following the market tell GlobeSt.com.

In the most recent example, locally based Towers Realty Partners Inc. principals Clifford L. Stein and Reid S. Berman sold a 30-year-old, 71,000-sf, 100%-leased office building to a Mideast buyer for $10 million after acquiring the property for $4.3 million last year and investing $1.2 million in renovations.

Azzan OCP Inc. paid Stein-Berman $76.05 per sf for the two-story property located at 6039 S. Rio Grande Dr. in the 4,000-acre Orlando Central Park, the largest business park in the metro area. The deal took 60 days to complete, from contract signing to closing, Berman tells GlobeSt.com.

The transaction was done at this time because “the buyer bought the long-term lease for cash flow,” he says. The property was on the market for one month. Berman and Stein were the only brokers handling the deal.

The building is 100% leased to the International Academy of Design and Technology, a division of Hoffman Estates, IL-based Career Education Corp. In 2001, Stein-Berman signed Career Education Corp. to a 15-year, 52,750-sf lease at the 132,000-sf Lincoln Park Building, 8511 Commodity Circle in south Orlando.

Towers Realty Partners, part of the G&I-111 Lincoln Park LLC investment group at the time, bought Lincoln Park from Simmons Vedder of Co. of Austin, TX for $11.5 million or $87.12 per sf, as GlobeSt.com previously reported.

Stein-Berman formed Tower Realty Partners in 1987 to provide real estate investment, brokerage and management services to major corporations and investors. Tower Real Partners has close ties to New York-based REIT, Tower Realty Trust Inc.

Berman is a former senior broker in the Orlando office of Cushman & Wakefield of Florida Inc. Stein oversaw $200 million of real estate assets as the former real estate director of the Stein Family Trust of Miami and New York prior to forming Tower Realty Partners with Berman.

In other non-related, small-building transactions, SouthTrust Bank sold a 40,945-sf industrial building at 5230 S. Orange Ave., Orlando, to Bob Harrell Properties Inc. for close to $1.1 million or $25.64 per sf. Brokers Craig Duke and Allison Reynolds of Coldwell Banker Commercial NRT handled the deal.

A 6,400-sf building sitting on 1 acres at 3303 Parkway Commerce Court, Orlando, commanded a sale price of $735,000 or $114.84 per sf. Rederi Investments LLC bought the property from CVA Holdings. The participating brokers were Billy Bishop and Scott Williamson of Bishop Realty & Development, and Mark McDaniel of HMP Realty Services.

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