In two major investment sales, four of metro Orlando’s office buildings changed hands recently using the brokerage services of Lincoln Property Company Southeast. The properties totaling more than 182,000 square feet sold for an aggregate of $8.7 million.
The properties involved are Corporate Park I and II, respectively, and Premier Point North and South. Joe Rossi, senior vice president of investment services for Lincoln, represented the seller in both transactions. UP Fieldgate US Investments-Fashion Square, LLC acquired the former complex whereas Vista Premier Point, LLC purchased the latter two.
Senior vice president for Lincoln Scott Stahley oversees the firm’s Orlando office. He told the press that the company has seen an improvement in the Orlando office market lately.
“As investors begin to chase higher yields, we expect to see this result in greater investor interest in Orlando office properties in the coming year,” said the executive. “The transaction pace should be brisk,” he adds.
Corporate Park I and II, previously owned by RGA Real Estate Holdings, sold for $4.75 million. The two buildings totaling 86,980 square feet feature three stories each and are located in Baldwin Park and Winter Park, near downtown Orlando. Scott Corbin of Colliers International represented the buyer.
Premier Point North and South are conveniently located along South Westmonte Dr. in Altamonte Springs, near Interstate 4, Florida Hospital and Altamonte Mall. Vista Premier Point, LLC purchased the two buildings from RGA Reinsurance Co. The 95,277 square feet of office space went off for the price of $3.95 million and Lincoln’s Joe Rossi was the only broker involved in the transaction.
Photo credits: Lincoln Property Company Southeast