{"id":1004268215,"date":"2018-09-28T03:07:05","date_gmt":"2018-09-28T11:07:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004268215"},"modified":"2022-12-08T18:41:21","modified_gmt":"2022-12-09T02:41:21","slug":"innovatus-capital-partners-buys-orlando-office-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/innovatus-capital-partners-buys-orlando-office-campus\/","title":{"rendered":"Innovatus Capital Partners Buys Orlando Office Campus"},"content":{"rendered":"

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

\"Westwood<\/a>

Westwood Corporate Center<\/p><\/div>\n

Innovatus Capital Partners has acquired Westwood Corporate Center, a five-building, 343,331-square-foot, office campus situated on 21 acres in Orlando, Fla.<\/p>\n

\u201cSince 2007, Orlando has experienced tremendous infrastructure improvements and is well-positioned to continue the extraordinary population and job growth of the last five years,\u201d <\/em>Bradley Seiden, Innovatus Capital Partners\u2019 managing director, said in a prepared statement. \u201cThis transaction epitomizes Innovatus\u2019 strategic focus of acquiring market leading office properties in top-tier suburban markets. We look forward to working closely with our tenants and becoming part of the growing and thriving Orlando community.\u201d<\/em><\/p>\n

Built between 1987 and 2000, the three buildings of Phase I are located at 6700 and 6649 Forum Drive, and 6675 Westwood Blvd. The two buildings for Phases II and III consist of five-story, Energy-Star-rated Class A buildings, featuring two-story porticoes leading into spacious two-story atrium lobbies. There\u2019s also a four-story parking structure, which combined with the surface parking area, offers 1,463 parking spaces.  <\/p>\n

Marriott Vacations Worldwide is the complex\u2019s largest tenant and it has called the property home for its global headquarters for 22 years. Over that time, it expanded eight different times and currently occupies 157,000 square feet.<\/p>\n

The property is currently 97 percent leased. The tenant roster also includes 24 diverse companies, with businesses dealing in finance, media, education, technology, insurance, health care and real estate.<\/p>\n

Westwood Corporate Center is situated in the southwest quadrant of the interchange of the Beachline Expressway and I-4 in Orlando\u2019s \u201cTourist Corridor\u201d and is close by numerous retail destinations, and is near affluent neighborhoods and many of the state\u2019s top golf courses.<\/p>\n

It\u2019s also just 12 miles from Orlando International Airport and 15 miles from downtown.<\/p>\n

The transaction marks the company\u2019s fifth investment, with its portfolio valued at more than $275 million. In September, Innovatus Capital Partners acquired 3400 Overton, a 172,756-square-foot Class A office property in Atlanta<\/a>, from TPA Group. Earlier in the year, the company purchased a 164,000-square-foot office<\/a> property near Dallas.<\/p>\n

Orlando\u2019s Hot Office Market<\/strong><\/h2>\n

According to Cushman & Wakefield\u2019s Q2 Orlando MarketBeat report, Orlando\u2019s economy is strong, thanks to 72 million tourists who helped generate solid economic growth in the business sector.<\/p>\n

Because of that, the overall vacancy rate for office in the Orlando metro decreased over the past year to its lowest vacancy rate since the first quarter of 2007. Cushman & Wakefield therefore projects that tenants\u2019 desire to be in the market will feed further growth in Class A asking rates to the high $20 per-square-foot range.<\/p>\n

Image courtesy of Innovatus Capital Partners<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Westwood Corporate Center is a five-building property located in the city\u2019s growing \u201cTourist Corridor\u201d submarket, with a quarter mile of frontage along I-4.<\/p>\n","protected":false},"author":451,"featured_media":1004268239,"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":[32799,34621,33877],"class_list":["post-1004268215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-investment","category-latest","category-office","category-orlando","tag-cushman-wakefield","tag-innovatus-capital-partners","tag-marriott"],"acf":[],"yoast_head":"\nInnovatus Capital Partners Buys Orlando Office Campus - 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\/innovatus-capital-partners-buys-orlando-office-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Innovatus Capital Partners Buys Orlando Office Campus\" \/>\n<meta property=\"og:description\" content=\"Westwood Corporate Center is a five-building property located in the city\u2019s growing \u201cTourist Corridor\u201d submarket, with a quarter mile of frontage along I-4.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/innovatus-capital-partners-buys-orlando-office-campus\/\" \/>\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=\"2018-09-28T11:07:05+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T02:41:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/Westwood-Corporate-Center.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\/innovatus-capital-partners-buys-orlando-office-campus\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/innovatus-capital-partners-buys-orlando-office-campus\/\",\"name\":\"Innovatus Capital Partners Buys Orlando Office Campus - 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