Crocker Partners has purchased two recently foreclosed Florida office parks for a total of $61.5 million, the firm announced today. The parks — the Freedom Commerce Center in Jacksonville and the Orlando University Center — total approximately 1.3 million square feet and bring Crocker Partners’ portfolio to over 5 million square feet.
The 752,000-square-foot Freedom Commerce Center was purchased 37 percent occupied for $28 million, or $37 per square foot. The park last sold in 2005 when it was 99 percent leased for over $140 per square foot. Orlando University Center was purchased 69 percent occupied for $33.5 million, or $87 per square foot. The property had last sold 94 percent leased for over $160 per square foot.
“We are well positioned to add value for our investors with these two new assets. By employing aggressive asset management and leasing strategies, we expect to reposition the assets in an improving economy allowing us to achieve outsized returns,” Tom Crocker, managing partner, said.