X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MAITLAND, FL-Maitland Promenade, a five-story, 230,366-sf class A office building within the Maitland Center submarket, is under new ownership today. Triple Net Properties LLC of Santa Ana, CA paid Minnetonka, MN-based Opus Real Estate Ventures an estimated $35 million for the four-year-old, 100%-leased property seven miles north of Downtown Orlando.

Louis Rogers, president, Triple Net Properties, didn’t disclose the closing price in a prepared statement. However, area brokers familiar with the Maitland Center submarket, tell GlobeSt.com they are confident the building at 485 N. Keller Rd. didn’t go for less than the current average $150-per-sf replacement cost of a comparable class A asset.

Chris Rooney, in charge of acquisitions for Triple Net, tells GlobeSt.com the acquisition was made for 35 tenant-in-common investors. Rooney says the average asking base rent will be about $13 per sf, triple net. “This will be contingent upon individual space, tenant improvement, allowances” and other factors, Rooney says. There were numerous bidders for the property, he adds.

Financing for the acquisition was provided by LaSalle Bank of Chicago and arrange by Eric Tupler of LJ Melody. Christopher Casey of Secured Capital Corp. represented Opus.

Rogers says Triple Net Properties manages a portfolio of 23.8 million sf of commercial properties and 1.6 million sf of multifamily assets with a combined market value of over $2.8 billion. “Triple Net’s size and flexibility allow us to seize opportunities that our larger, institutional competitors miss,” Rogers says in his statement.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.