{"id":1004233768,"date":"2018-06-07T08:58:10","date_gmt":"2018-06-07T16:58:10","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004233768"},"modified":"2022-12-07T04:19:29","modified_gmt":"2022-12-07T12:19:29","slug":"terracap-trades-orlando-office-for-28m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/terracap-trades-orlando-office-for-28m\/","title":{"rendered":"TerraCap Trades Orlando Office for $28M"},"content":{"rendered":"<p>By Jeff Hamann<\/p>\n<div id=\"attachment_1004233770\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Keller-Center-in-Maitland-Fla..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004233770\" data-attachment-id=\"1004233770\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/terracap-trades-orlando-office-for-28m\/keller-center-in-maitland-fla\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Keller-Center-in-Maitland-Fla..jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Keller Center in Maitland, Fla.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Keller Center in Maitland, Fla.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Keller-Center-in-Maitland-Fla..jpg?w=800\" class=\"wp-image-1004233770 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Keller-Center-in-Maitland-Fla..jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Keller-Center-in-Maitland-Fla..jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Keller-Center-in-Maitland-Fla..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Keller-Center-in-Maitland-Fla..jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004233770\" class=\"wp-caption-text\">Keller Center in Maitland, Fla.<\/p><\/div>\n<p>TerraCap Management has sold Keller Center, a 159,840-square-foot office building north of Orlando, Fla., for $27.9 million. The buyer was Susquehanna Holdings, according to GrowthSpotter. The new owner financed the acquisition with a $21.7 million loan with a fixed interest rate and a 30-year amortization period.&nbsp;A CBRE team represented the seller and secured financing for the buyer.<\/p>\n<p>Located at 101 Southhall Lane in Maitland, the asset sits half a mile from Interstate 4, offering direct access into downtown Orlando, seven miles away. The area is home to a number of other offices and a range of hospitality and retail properties.<\/p>\n<h2>Renovated to full occupancy<\/h2>\n<p>TerraCap purchased the four-story building from Parkway Properties in October 2014 for $9.3 million, according to Yardi Matrix, when the asset was 26 percent occupied. Shortly after the acquisition, the firm began cosmetic renovations and constructed a parking garage. Prior to the sale to Susquehanna, the building was fully leased to a mix of tenants including Adventist Health System, Alegeus and HealthCare Scouts.<\/p>\n<p><em>\u201cWe feel fortunate to have had the opportunity to showcase the Maitland submarket for its potential and advance a 26 percent-occupied building to 100 percent occupancy with solid tenants and solid terms,\u201d<\/em> said Steve Hagenbuckle, founder &amp; managing partner with TerraCap, in a prepared statement. <em>\u201cAfter significant investments in physical improvements and excellent work from our leasing and property management teams, Keller Center is a great value add case study for our investors and the industry as a whole.\u201d<\/em><\/p>\n<p>The transaction marks TerraCap\u2019s second sale in Florida area this year, following a <a href=\"https:\/\/www.commercialsearch.com\/news\/triout-advisory-snags-28m-fl-office-asset\/\">$28.1 million office transaction in May<\/a>.<\/p>\n<p><em>Image courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>When the company purchased the asset for $9.3 million in 2014, the building was 26 percent leased. Following a series of renovations, Keller Center has reached full occupancy.<\/p>\n","protected":false},"author":861,"featured_media":1004233770,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21747,1493],"tags":[36351,32789,33073,35870],"class_list":["post-1004233768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-office","category-orlando","tag-capital-improvement","tag-cbre","tag-parkway-properties-inc","tag-terracap-management-llc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>TerraCap Trades Orlando Office for $28M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/terracap-trades-orlando-office-for-28m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TerraCap Trades Orlando Office for $28M\" \/>\n<meta property=\"og:description\" content=\"When the company purchased the asset for $9.3 million in 2014, the building was 26 percent leased. Following a series of renovations, Keller Center has reached full occupancy.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/terracap-trades-orlando-office-for-28m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-06-07T16:58:10+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-07T12:19:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/06\/Keller-Center-in-Maitland-Fla..jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Jeff Hamann\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/terracap-trades-orlando-office-for-28m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/terracap-trades-orlando-office-for-28m\/\",\"name\":\"TerraCap Trades Orlando Office for $28M - 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