By Alex Ciorogar
A partnership between Stan Johnson Co. and SVN/First Guardian Group has sold two office buildings near Orlando, Fla., known as the GE Transportation Building, for $25 million. Stan Johnson Co. Associate Director David Bailey and SVN/First Guardian Group Erik Carlson represented the seller, TIC Properties Management, in the transaction. Reserve Capital Partners was the buyer.
The sale was also subject to a $16 million acquisition and development loan funded by Bank of America. According to Yardi Matrix, the 182,000-square-foot property, located at 1990 West NASA Blvd., in Melbourne, Fla., was built in 2000, and comprises a one-story and three-story building spread across 19 acres. Common-area amenities include Wi-Fi, controlled access and 270 parking spaces. GE Transportation just signed a new 10-year lease at the building, which it has occupied since 2007.
The Orlando-Melbourne International Airport and the Health First Holmes Regional Medical Center are both located nearby. U.S. Highway 192 and State Highway 9 are also easily accessible from the property.
Image courtesy of Yardi Matrix