{"id":1004263337,"date":"2018-09-07T02:00:00","date_gmt":"2018-09-07T10:00:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004263337"},"modified":"2022-12-08T21:59:37","modified_gmt":"2022-12-09T05:59:37","slug":"orlando-office-portfolio-commands-92m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/orlando-office-portfolio-commands-92m\/","title":{"rendered":"Orlando Office Portfolio Commands $92M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Millennia<\/a>

Millennia Lakes<\/p><\/div>\n

Starwood Capital Group has acquired Millennia Lakes I, II and III, a three-building, 414,000-square-foot office portfolio in Orlando, Fla., from Barings Real Estate.<\/p>\n

Cushman & Wakefield facilitated the transaction on behalf of the seller. Public records revealed the price for the Class A property was approximately $92.2 million.<\/p>\n

\u201cIts excellent location with I-4 frontage, as well as the quality of the product and strong tenancy contributed to the appeal of the portfolio,\u201d <\/em>Michael Lerner, Cushman & Wakefield\u2019s senior director, <\/em>told Commercial Property Executive. <\/em><\/p>\n

Located at 4700, 5323 and 5337 Millenia Lakes Blvd., the trio of buildings were built in phases during a six-year span that began in 2001. The buildings feature a distinctive architectural design and have high-end, elegant finishes.<\/p>\n

Amenities at the property include a fitness center and caf\u00e9. Fitness buffs will further enjoy the scenic lake with a jogging path and nearby walking trail that is adjacent to the Mall at Millenia.<\/p>\n

At the time of the deal, the portfolio was 91.2 percent leased and boasted a tenant roster that included Prudential and AXA Equitable Life Insurance.<\/p>\n

According to Lerner, interest was very strong, with approximately 20 offers.<\/p>\n

\u201cInterest in well-located suburban office, such as this portfolio, has become more attractive to investors over the past 12 months,\u201d <\/em>he said. \u201cThis is due to higher achievable yields than other product types such as apartments and industrial.\u201d<\/em><\/p>\n

A vibrant development<\/strong><\/h2>\n

The office park is part of a 450-acre master planned development that includes office, apartments, hotel and retail.<\/p>\n

\u201cThe location was a huge factor, as this is a true live-work-play environment adjacent to the Mall at Millenia, which has a wide variety of restaurants and retail, plus high-end apartments, and a hotel within the park,\u201d<\/em> Lerner said.<\/p>\n

The Cushman & Wakefield team also included Vice Chairman Mike Davis and Executive Director Rick Brugge.<\/p>\n

In May, Starwood Capital Group sold 14 upscale hotel properties in the U.K.<\/a> in a transaction valued at $1.1 billion. The 2,638-key collection, part of the portfolio of The Principal Hotel Co., a controlled affiliate of Starwood, was acquired by Fonci\u00e8re des R\u00e9gions.<\/p>\n

Image courtesy of Cushman & Wakefield<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Cushman & Wakefield represented Barings Real Estate in the sale of a trio of Class A buildings offering a combined 414,000 square feet.<\/p>\n","protected":false},"author":451,"featured_media":1004263358,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21783,21742,21747,1493],"tags":[34275,32799,34021,34880],"class_list":["post-1004263337","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-orlando","tag-barings","tag-cushman-wakefield","tag-michael-lerner","tag-starwood-capital-group"],"acf":[],"yoast_head":"\nOrlando Office Portfolio Commands $92M - 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\/orlando-office-portfolio-commands-92m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Orlando Office Portfolio Commands $92M\" \/>\n<meta property=\"og:description\" content=\"Cushman & Wakefield represented Barings Real Estate in the sale of a trio of Class A buildings offering a combined 414,000 square feet.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/orlando-office-portfolio-commands-92m\/\" \/>\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=\"2018-09-07T10:00:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T05:59:37+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/Millennia-Lakes.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=\"Keith Loria\" \/>\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\/orlando-office-portfolio-commands-92m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/orlando-office-portfolio-commands-92m\/\",\"name\":\"Orlando Office Portfolio Commands $92M - 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