PCCP, Crocker Buy 2 Orlando Office Assets
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The joint venture paid in excess of $50 million for the Class A portfolio totaling 245,111 square feet.
TerraCap Management has sold Resource Square I and III, a two-building office portfolio totaling 245,111 square feet in Orlando, Fla. The joint venture of Crocker Partners and PCCP LLC paid $50.4 million for the Class A, fully leased properties. JLL represented the seller and procured the buyer in the deal. The brokerage firm also secured the seven-year, floating-rate acquisition loan with Synovus Bank on behalf of the buyers. The portfolio last traded in May 2018, when TerraCap purchased it for $39.2 million.
Located at 13501 Ingenuity Drive and 12001 Research Parkway, respectively, the two properties are part of the 1,000-acre, 58-building Central Florida Research Park. Completed in 1999, the three-story Resource Square I has 91,890 square feet of leasable space. The 2003-built Resource Square III has 153,221 square feet of space across five stories. Both properties have a parking ratio of 5 spaces per 1,000 square feet. Notable tenants include Laser Institute of America, Aegis Technologies and AIT Engineering, per Yardi Matrix data.
Adjacent to the University of Central Florida, the properties are 14 miles east of downtown Orlando and some 3 miles north of Waterford Lakes Town Center, home to more than 1.9 million square feet of shops and restaurants.
This purchase brings Crocker’s Central Florida assets under management to a total of almost 1 million square feet. The company acquired another Orlando office portfolio for nearly $55 million in October 2018.
JLL Senior Director Ike Ojala, Senior Managing Director Hermen Rodriguez, Senior Director Robbie McEwan and Director Matt McCormack led the JLL Capital Markets team assisting the seller in the disposition. Director Maxx Carney and Associate Reid Carleton secured the financing on behalf of the joint venture.