By Keith Loria, Contributing Editor
Innovatus Capital Partners has acquired Westwood Corporate Center, a five-building, 343,331-square-foot, office campus situated on 21 acres in Orlando, Fla.
“Since 2007, Orlando has experienced tremendous infrastructure improvements and is well-positioned to continue the extraordinary population and job growth of the last five years,” Bradley Seiden, Innovatus Capital Partners’ managing director, said in a prepared statement. “This transaction epitomizes Innovatus’ strategic focus of acquiring market leading office properties in top-tier suburban markets. We look forward to working closely with our tenants and becoming part of the growing and thriving Orlando community.”
Built between 1987 and 2000, the three buildings of Phase I are located at 6700 and 6649 Forum Drive, and 6675 Westwood Blvd. The two buildings for Phases II and III consist of five-story, Energy-Star-rated Class A buildings, featuring two-story porticoes leading into spacious two-story atrium lobbies. There’s also a four-story parking structure, which combined with the surface parking area, offers 1,463 parking spaces.
Marriott Vacations Worldwide is the complex’s largest tenant and it has called the property home for its global headquarters for 22 years. Over that time, it expanded eight different times and currently occupies 157,000 square feet.
The property is currently 97 percent leased. The tenant roster also includes 24 diverse companies, with businesses dealing in finance, media, education, technology, insurance, health care and real estate.
Westwood Corporate Center is situated in the southwest quadrant of the interchange of the Beachline Expressway and I-4 in Orlando’s “Tourist Corridor” and is close by numerous retail destinations, and is near affluent neighborhoods and many of the state’s top golf courses.
It’s also just 12 miles from Orlando International Airport and 15 miles from downtown.
The transaction marks the company’s fifth investment, with its portfolio valued at more than $275 million. In September, Innovatus Capital Partners acquired 3400 Overton, a 172,756-square-foot Class A office property in Atlanta, from TPA Group. Earlier in the year, the company purchased a 164,000-square-foot office property near Dallas.
Orlando’s Hot Office Market
According to Cushman & Wakefield’s Q2 Orlando MarketBeat report, Orlando’s economy is strong, thanks to 72 million tourists who helped generate solid economic growth in the business sector.
Because of that, the overall vacancy rate for office in the Orlando metro decreased over the past year to its lowest vacancy rate since the first quarter of 2007. Cushman & Wakefield therefore projects that tenants’ desire to be in the market will feed further growth in Class A asking rates to the high $20 per-square-foot range.
Image courtesy of Innovatus Capital Partners