Crocker Partners’ $33 million acquisition of the Orlando University Center office park in late December proved itself to be the second-largest office investment sale in Orlando for 2012.
The acquired portfolio includes five suburban office buildings—totaling 386,512 square feet on 27.12 acres—at 3452, 3504 and 3505 Lake Lynda Blvd., and 11301 and 11315 Corporate Blvd., just west of the University of Central Florida in Orlando. The office park was approximately 70 percent occupied by 56 local, regional and national tenants at the time of purchase. Current tenants include Woolpert Inc., Zenith Insurance, the Social Security Administration and Dignitas.
“This is a well-located office portfolio that offered the buyer the ability to add value in the future, as well as capitalize on the in-place cash flow today,” said Felberg. “Fortunately, there is a lot of competition for attractive institutional properties.”
Fred Beasley, SIOR, and Bret Felberg, CCIM, of Colliers International Central Florida and John Crotty, CCIM, of Colliers International South Florida represented the seller, JPMCC 2005-CIBC13 ORLANDVILLE OFFICES, LLC, for which LNR is the special servicer. The buyer, Crocker Partners, a real estate investment firm headquartered in Boca Raton, Fla., represented itself.
The Colliers team worked in conjunction with the Auction.com platform and with Chuck Wolter of Archetype Mortgage Capital, which provided the financing for the transaction on behalf of the buyer, to complete the successful sale of the property.
Image: 3504 Lake Lynda Blvd via LoopNet