The Real Deal Miami

Miami firm sells central Florida office park

December 02, 2008 12:07PM

Miami-based RS Group Holdings sold a 36,556-square-foot building in
shell condition at 7131 Business Park Lane in Lake Mary, getting $6.3
million from buyer Heathrow Land Holdings. Sperry Van Ness/Paradigm
arranged the sale. Heathrow took advantage of a distress sale that was
below market at $175 per square foot. An earlier contract for $225 per
square foot fell through just before the credit markets imploded.
According to Sperry Van Ness, the Lake Mary/Sanford submarket is
enjoying an overall vacancy rate of 7.5 percent, as opposed to 11.4
percent in nearby metro Orlando, and $18 per square foot rents compared
with
$18.60 in Orlando.