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ORLANDO-New York City-based Praedium Group and locally based Tower Realty Partners Inc. have acquired 850 Trafalgar, a 146,996-sf office building for $19.6 million. The property is within the Maitland Office Park.

The seller was Palm Beach-based Tricony Management LLC, which was represented by Holliday Fenoglio Fowler LP Miami office managing director Hermen Rodriguez, director Ike Ojala and real estate analyst Ignacio Portuondo. The property was acquired free and clear of debt. Tricony had held the property for 10 years and had met investment objectives, Rodriquez tells GlobeSt.com.

“850 Trafalgar is located within the heart of Maitland, Orlando’s most dynamic suburban office market,” Rodriquez says. “In Maitland, office rental rates have been rising and vacancy rates have been dropping.”

The four-story building was constructed in 1983 and renovated in 1994. It is 86% leased to tenants including the IRS, FBI, Fidelity National Title and Strayer University. Located along Interstate 4, the property is just north of Downtown Orlando on 8.75 acres. “In addition to its excellent location, the property has a sold rent roll with minimal lease rollover in the first five years,” Ojala says.

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