Two office buildings in Orlando research park sell for $39.9M
TerraCap Management, LLC, paid $160 per square foot for the two-property portfolio with a combined occupancy rate of 84.9%
Two office buildings in Orlando with a combined occupancy rate of 84.9 percent sold for $39.19 million.
Banyan Street Capital and funds managed by Oaktree Capital Management, L.P., sold the 244,549-square-foot, two-building portfolio to TerraCap Management, LLC, for $160 per square foot.
General Dynamics, Raytheon, Cisco Systems and AVNET are among the tenants at the two office buildings, both located in Central Florida Research Park adjacent to the University of Central Florida.
The three-story and five-story buildings are located at 13501 Ingenuity Drive and 12001 Research Parkway in Orlando.
A three-member team at brokerage firm Holliday Fenoglio Fowler, L.P. (HFF), represented the seller of the office buildings and procured the buyer.
The team at HFF that represented the seller included senior managing director Hermen Rodriguez, senior director Ike Ojala, and directors Tracey Goo and Anthony Frogameni.
“Our investors should benefit in the coming years from a tightening market due to expanding tenant presence in the CFRP [Central Florida Research Park] and limited new construction,” said Albert Livingston, partner and director of asset management at TerraCap, in a prepared statement. – Mike Seemuth