{"id":1004320166,"date":"2019-04-26T05:47:22","date_gmt":"2019-04-26T13:47:22","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004320166"},"modified":"2019-04-26T05:47:22","modified_gmt":"2019-04-26T13:47:22","slug":"orlando-office-portfolio-trades-for-33m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/orlando-office-portfolio-trades-for-33m\/","title":{"rendered":"Orlando Office Portfolio Trades for $33M"},"content":{"rendered":"
\"\"<\/a>

2145 Metrocenter Blvd. Image courtesy of CBRE<\/em><\/p><\/div>\n

A two-building, 182,753-square-foot office portfolio in Orlando, Fla., has changed hands for $32.5 million, according to CBRE, which arranged the sale of the fee simple interest to Metrocenter Office LLC.<\/p>\n

Highwoods Properties, a Raleigh, N.C.,-based REIT, confirmed during its first-quarter 2019 earnings call with analysts Wednesday that it had sold the two suburban Orlando buildings.<\/p>\n

CBRE\u2019s Ron Rogg and Chip Wooten represented the seller of the buildings at 2101 Park Center Drive and 2145 Metrocenter Blvd., also known as Windsor and Berkshire at Metrocenter.<\/p>\n

The Class A property is 89 percent leased to 11 tenants, the largest of which have a long history at the site, according to CBRE.<\/p>\n

\u201cGiven the strong historical occupancy and current market conditions, the buyer will benefit from ownership of these assets in a rising rate environment with strong predictable income,\u201d<\/em> said Rogg, in a prepared statement. \u201cAlso, 7 + acres are available for future development, giving the future ownership the ability to scale up to 407,753 square feet.\u201d<\/em><\/p>\n

CBRE noted Orlando has robust market fundamentals with vacancy continuing to decline to a current level of 9.1 percent\u2014the lowest of all Florida MSAs. The firm said the Orlando MSA has led the country in job growth the past three years and is a consistent national leader in population growth. It is only one of two markets that have experienced positive net absorption each year since 1995.<\/p>\n

On a year-over-year basis, Orlando topped major U.S. metros with 5.4 percent office employment growth<\/a>, while Seattle, Houston and Charlotte also had robust job growth in office-using sectors, according to a survey of 115 markets conducted by Yardi Matrix.<\/p>\n

Located in South Orlando, the property has easy access to Orlando\u2019s main highways including Interstate 4, the Florida Turnpike and East\/West Expressway (SR 408). Downtown Orlando is six miles away and the Orlando International Airport is 20 miles from the property. It is located in the mixed-use MetroWest community with residential, retail and entertainment options nearby, including the Robert Trent Jones golf course.<\/p>\n

Busy Office Market<\/strong><\/h2>\n

The Orlando office market has seen several transactions in recent months including the sale of 850 Trafalgar,<\/a> a 150,000-square-foot office building in Maitland, Fla., for $13.8 million to TerraCap Management. The four-story property in the Maitland Center Office Park was sold by The Praedium Group, which had owned it since August 2007.<\/p>\n

In February, Jefferson River Capital purchased Reserve at Maitland,<\/a> a three-building, 196,835-square-foot Class B office campus in Orlando, for $33.5 million from Taurus Investment Holdings. Taurus had owned the office campus since January 2016.<\/p>\n","protected":false},"excerpt":{"rendered":"

Highwoods Properties sold the fee simple interest in the two-building property to Metrocenter Office LLC. CBRE arranged the deal on behalf of the seller.<\/p>\n","protected":false},"author":1068,"featured_media":1004320172,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,21747,1493],"tags":[32789,34210],"class_list":["post-1004320166","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-office","category-orlando","tag-cbre","tag-highwoods-properties-inc"],"acf":[],"yoast_head":"\nOrlando Office Portfolio Trades for $33M - 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-trades-for-33m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Orlando Office Portfolio Trades for $33M\" \/>\n<meta property=\"og:description\" content=\"Highwoods Properties sold the fee simple interest in the two-building property to Metrocenter Office LLC. 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