Crocker Partners Buys 174 KSF Office Building in Maitland, Fla.
- Feb 10, 2014
Crocker Partners has acquired 851 Trafalgar Court, a 174,048-square-foot office building in Maitland, Fla., and plans to reposition the four-story lakefront building to attract quality tenants.
“Maitland is a great submarket. It’s the most centrally located submarket, we believe in the long-term growth of Orlando, and you can service the entire market from here,” Angelo Bianco, a partner with Crocker Partners, told Commercial Property Executive. “Plus, it’s a cost alternative to downtown, which is just five minutes away.”
Originally built in 1984, currently, the building is 80 percent occupied with tenants including Sprint/Nextel, Rasmussen College and Digital Risk. Crocker Partners is managing the property and has engaged CBRE for leasing.
According to Bianco, planned capital improvements include implementing a full elevator modernization program and replacing some common area finishes and signage elements. The company is also contemplating adding a health club.
With the purchase of 851 Trafalgar Court, Crocker Partners’ portfolio in Florida has increased to more than 3.2 million square feet of office space across the state, including trophy assets such as Miami Center, Esperanté in West Palm Beach, and Two Harbor Place in Tampa. It also includes Orlando University Center, a five-building complex in the University submarket; Two Harbour Place in Downtown Tampa, and Prominence, a 54-acre office park with seven buildings located in Jacksonville’s Butler/Baymeadows submarket.
Overall, Crocker Partners’ portfolio includes more than 6 million square feet of office real estate in the Southeast U.S. and Texas, representing more than $1 billion invested.
“The market today is stressed and I always like to buy in those markets and add value by maintaining and adding to the rent roll in a property and stabilizing it as the market stabilizes over time,” Bianco added. “We usually like to buy properties that we think would be attractive to institutional investors and owners but problems today prevent that from being the case. The Maitland submarket has a large vacancy, as many do, but that doesn’t present a lot of appeal to those investors. By making the improvements, we expect to draw tenants who seek strong value and an appealing work environment along the I-4 corridor.”