Cousins Sells Orlando Portfolio for $24M
- Mar 06, 2018
CBRE has arranged the $23.6 million sale of and $18.3 million acquisition financing for a 283,292-square-foot office portfolio in metro Orlando, Fla. Cousins Properties sold the assets known as Interlachen Corporate Center, 2400 Maitland and 500 Winderley to Realty Capital Commercial Real Estate Advisors, Yardi Matrix shows.
Interlachen Corporate Center sits on 8.3 acres at 1211 Semoran Blvd., in Casselberry, Fla., and was completed in 1986. Located at 2400 Maitland Center Parkway in Orlando’s Maitland Center submarket, the building dubbed 2400 Maitland was built in 1983. The third asset in the portfolio was completed in 1985 and is also situated in Maitland Center.
Convenient financing terms
Ron Rogg and Chip Wooten of CBRE Investment Properties’ office and industrial group brokered the sale, while Vice President Zac Brumbaugh of CBRE Capital Markets Debt & Structured Finance arranged the fully non-recourse, five-year loan that includes an interest-only term of 18 months and extension options.
“The loan we structured provided for future funding that could be immediately accessed for capital improvements and leasing costs, which was essential to provide strong cash flows so new ownership could focus on improving the properties toward the goal of stabilization,” said Brumbaugh in prepared remarks.
The properties were 75 percent occupied at the time of sale by a mix of tenants including RP Funding, Fidelity National Title Co. and Avant Healthcare. The three-story 500 Winderley serves as residential mortgage lender RP Funding’s headquarters.
Images courtesy of Yardi Matrix