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ORLANDO-Locally based Tower Realty Partners and the Praedium Fund of New York have picked up a bargain office and flex space portfolio consisting of 470,000 sf in five properties for $28.67 million or an average $61 per sf. Tower Realty partner Reid Berman tells GlobeSt.com the per-sf price is far below replacement cost.

“Replacement costs would be over $100 per sf,” Berman says. The properties all in the 90%-plus occupancy range. The seller was Adler Group Inc. of Miami. Berman and his long-time partner, Cliff Stein, were attracted to the portfolio for investment purposes, Berman says.

“Tower and Praedium have built a long-term relationship, based upon their vision of creating added-value from their real estate assets,” the broker tells GlobeSt.com. “To attain their goals, the partnership will pursue an aggressive leasing and capital campaign.”

The properties were on the market for three months. They include Kirkman Commerce Center, 701 Kirkman Rd., Orlando, 124,000 sf, built in 1975 and 95% occupied; Kennedy Commerce Center, 995 Kennedy Blvd., Orlando, 120,000 sf, built in 1989 and 95% occupied; NorthLake, 317-337 North Lake Blvd., Altamonte Springs, 85,000 sf, built in 1982 and 96% occupied; Edgewater Commerce Center, 6250 Edgewater Dr., Orlando, 84,000 sf, built in 1986 and 94% occupied; and Eastpoint Industrial Park, 7033-7006 Stapoint Court, Winter Park, 80,000 sf, built in 1986 and 90% occupied.

John Carter of Carter & Associates, Tampa represented the seller. Tower Realty Partners Inc. negotiated for the partnership.

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