CBRE Arranges $27M Multifamily Sale, Finds New Tenant for HD Supply Building
By Georgiana Mihaila, Associate Editor
This past week was quite an eventful one for CBRE’s Orlando office. Not only has the team grown by adding Jay Dixon—a former senior office leasing professional at Lincoln Property Company in Orlando with over ten years of experience—as an office building sales professional, but it has also managed to close on the sale and acquisition financing for The Element, and land a new tenant for the HD Supply Building.
CBRE arranged the $27 million sale and the $20.25 million financing of The Element, one of Orlando’s premier gated communities. CBRE’s Debt & Equity Financing Group worked on behalf of Optimus Element, LLP, advised by Miami-based, TM Real Estate Group, LLC, to secure acquisition financing through J.P. Morgan of Atlanta, Georgia. Proceeds were used to acquire the property. CBRE’s Capital Markets Group also exclusively represented the seller, Karlin Real Estate of Los Angeles, California.
CBRE Vice Chairman Charles Foschini and Vice President Christopher Apone, both with CBRE’s Debt & Equity Financing Group, along with Christian Lee, vice chairman with CBRE’s Capital Markets Institutional Group, arranged the financing. From CBRE’s Investment Properties Group in Orlando, Shelton Granade, executive vice president, Luke Wickham, vice president, and Justin Basquill, associate, represented the seller.
The Element is a luxury community with frontage on the MetroWest Golf Club, Orlando’s only Robert Trent Jones Senior-designed signature golf course. Extensively rehabbed in 2009/2010, The Element offers beautiful golf course views and Class A features such as private garages, 9-foot and vaulted ceilings, crown molding and full-size washers and dryers.
CBRE was also in charge of negotiating the lease with TravelClick—a provider of products and services for the hospitality industry—that plans to expand its presence in Florida. TravelClick has signed a 36,748-square-foot lease for the entire third floor of the HD Supply Building, a five-story office building at 501 Church Street in Orlando’s Central Business District. CBRE represented both the tenant and the landlord in the negotiations.
TravelClick will consolidate its offices in Winter Springs and south Orlando with the move, planned for July 2013. The new space—larger than both of the company’s two existing offices combined—will accommodate the company’s forecasted expansion that could include up to 450 new employees.
HD Supply Building was built in 2004 and is strategically located at Church Street and Division Avenue, with easy access to Interstate 4 and East/West Expressway. The building is adjacent to the new Amway Center and is within walking distance to popular restaurants and retail.
Image via Apartment Guide