EastGroup Properties has sold Altamonte Commerce Center, an eight-building, 185,000-square-foot office, flex and warehouse complex in Altamonte Springs, Fla. SunCap Opportunity Fund, a Fort Lauderdale-based investment firm, acquired the asset for $14.9 million. According to EastGroup Properties, the sale closed at a 6.8 percent cap rate. The company had owned the property since 1999. CBRE negotiated the deal on behalf of the seller.
Located at 217–311 Altamonte Commerce Blvd. and 620-658 Douglas Ave., Altamonte Commerce Center is right off Interstate 4, in Seminole County. Downtown Altamonte Springs is approximately 3 miles east of the property and Orlando International Airport is 23 miles south.
The industrial complex consists of eight buildings with 9×10-square-foot dock high loading doors and 9×10-square-foot grade level loading doors, minimum 18-foot clear height and a parking ratio of 1/1000 square feet. The property is currently almost fully occupied, with only 9,000 square feet available.
Senior Vice President David Murphy and Vice President Monica Wonus of CBRE’s Industrial Services Group represented the seller in the disposition. Earlier this month, another CBRE team announced the sale of a 221,542-square-foot warehouse in Fort Lauderdale.