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CORAL GABLES, FL-New York City-based KTR Capital has acquired a nine-property, 710,500-sf portfolio in Tampa, Orlando, Lake Mary and Oldsmar for $77.8 million in an off-market deal. The seller was a Tampa-based commercial developer.

The portfolio is a 99% leased mix of class A industrial/flex space and office space in Tampa and Orlando. Seven buildings, with 430,000 sf, are located in the Pinellas County and airport submarkets of Tampa. The other two buildings are located in the Orlando submarkets of southwest Orange County and Seminole County. The portfolio increases the fund’s holdings to more than four million sf. Colliers Abood Wood-Fay senior associates David Metalonis and John Crotty and senior vice president Jay Ziv co-brokered the deal for the buyer.

Crotty says the seller were not identified due to confidentiality agreements. The portfolio was sold because the seller was seeking to dispose of some assets and invest in other properties. “This was a challenging deal because it was during the course of the credit crunch,” Crotty tells GlobeSt.com. “But the buyer did what it said it was going to do and the deal was completed.”

The portfolio consists of 580 Corporate Center, a six-building, 375,000-sf class A flex office/industrial property in Oldsmar; 54,000-sf flex property at 5201 Tampa West Blvd; 121,000-sf Lake Mary Distribution Center at 38 Skyline Dr. in Lake Mary; and 160,000-sf building at 7000 Kings Point Parkway in Orlando.

“The buyer is planning to fully lease the properties and, when there is rollover, renew leases at higher rates or replace tenants at higher rates,” Crotty says.

Colliers Arnold of Tampa is the leasing property manager of the Tampa properties. The remaining properties have yet to assigned to a brokerage firm, according to a KTR spokeswoman.

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