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ORLANDO-Locally based Eola Capital has acquired two office buildings in Maitland Center for $50 million.

The buildings acquired were the four-story, 266,881-sf Maitland Forum building at 2600 Lake Lucien Drive and the four-story, 102,169-sf Park Center building at 2500 Maitland Center Parkway. Both contain on-site cafes, large floor plates and a four space per 1,000-sf parking ratio.

“Maitland Center is one of the tightest submarkets in Florida,” says Eola Capital founder and CEO Jim Heistand, in a prepared statement. “With this acquisition, we’re strengthening our position in one of the Southeast’s strongest markets. Orlando, and especially Maitland Center, has a lot of potential right now, with strong employment, single-digit vacancy and rental-rate growth that we expect to continue.”

The sellers were New York City-based DRA Advisors and Maitland-based Tower Realty Partners Inc. Maitland Center is located near Interstate 4 and connects the Tampa, Lakeland, Orlando and Daytona Beach areas. The properties were capitalized through a joint venture with a public sector fund and a private equity fund raised and managed by Eola Capital’s principals. Bank of America will provide debt for the transaction. Eola Capital plans to make capital improvements to the properties.

With the acquisition, the company owns five properties in the Orlando area with a total of 1.04 million sf. The purchase increases the company’s total assets to more than $1.6 billion with more than 10 million sf.

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