ORLANDO—Technology Park, a 297,582-square-foot office, flex and warehouse-distribution portfolio in suburban Orlando, has traded hands. The park sold for $21.3 million.
Cushman & Wakefield capital markets team senior director Michael Lerner, executive director Mike Davis, and senior director Rick Brugge represented Toronto-based seller, Sun Life Assurance Company of Canada, in the disposition. Colorado-based Real Capital Solutions purchased the asset for $72 per square foot.
“The portfolio’s variety in product type and space configurations provide flexibility when competing for tenants, which is a strategic advantage over its competitors,” Lerner tells GlobeSt.com. “Our client was able to shed a non-core asset at market pricing and the buyer has the opportunity to add significant value through repositioning and lease-up of remaining vacancy.”
Technology Park has five class A single-story office, flex and warehouse-distribution buildings located on Technology Parkway. Building 250 and 255 were originally developed as warehouse-distribution buildings, but have been converted to class A office space with a small warehouse component.
Building 200 is a warehouse-distribution building featuring both dock-high and grade-level doors as well as a 24-foot clear height. Buildings 100 and 525 are flex buildings with office build-out varying by suite.
The portfolio was 58% leased at the time of sale. FARO Technologies and CuraScript are among the tenants. Cushman & Wakefield research indicates the Orlando market continues to show strong demand from industrial users.
“In six years, the overall vacancy rate [in Orlando] fell by more than half, dropping 7.6 percentage points since the end of 2010 to 6.9% at the end of the first quarter,” says Florida research manager Chris Owen in the firms’ first quarter 2016 Orlando Industrial MarketBeat Report. “Of the 1.2 million square feet in the pipeline, only 38% of that space remained available at the end of the first quarter.”
Should we wait for the other shoe to drop in the Orlando market? Read what Paul Ellis had to say in a recent column.