Cardinal Point Buys Orlando Asset
- Mar 24, 2015
Cardinal Point Management L.L.C. recently acquired a 42,277-square-foot Class A office property located at 7208 W. Sand Lake Road in Orlando. Ronald Rogg and Edward Wooten of CBRE Group Inc. arranged the sale of the three-story building and represented the seller, a Highwoods Properties Inc. affiliate. Terms were not disclosed.
Located along Restaurant Row in the Dr. Phillips area, the building is minutes from the Orange County Convention Center, Mall at Millenia, Universal Orlando Resort and the Orlando International Airport. Its location also offers access to Interstate 4, the Florida Turnpike and the Beachline Expressway. Built in 1986, the property recently underwent capital improvements that included a lobby renovation. The deal also included a 155-space parking lot on the property. Sand Lake Southwest is leased to a diversified tenant roster that includes BB&T, Booking.com, Lamar Outdoor Advertising and Fidelity National Financial.
Based in St. Petersburg, Cardinal Point pursues a strategy of seeking enhanced risk-adjusted returns by identifying dislocations in the capital markets and opportunistic investments in both commercial and residential real estate in Florida, According to its website, Cardinal Point’s portfolio includes 10 office and retail assets, all but two of them in the Tampa Bay area. Sand Lake Southwest is Cardinal Point’s second investment in Central Florida; the company recently picked up Cardinal Point at Lake Ellenor, a 132,991 square-foot office building located at 5900 Lake Ellenor Drive.
Photo credit: Cardinal Point Management