Crocker Partners Buys $55M Orlando Office Portfolio

Wells Fargo Bank provided financing to facilitate the acquisition of Northpoint Center. The three-building asset encompasses roughly 335,000 square feet in Lake Mary.
Northpoint Center IV

Crocker Partners has acquired Northpoint Center, a Class A office asset totaling roughly 335,000 square feet in Lake Mary, Fla. According to public records, EQ Office sold the three-building property for $54.8 million. Crocker Partners, in a partnership with an institutional investor, received $40 million in acquisition financing from Wells Fargo Bank, Seminole County records showed.

Located at 1025, 1035 and 1064 Greenwood Blvd., Northpoint Center I, II and IV were completed between 1999 and 2002. The properties previously changed hands in 2011, according to Yardi Matrix. The buildings are Energy Star rated and feature on-site property management services. Amenities include a café, a full-service fitness center with locker rooms and shower facilities, as well as recently renovated lobbies and restrooms.

The acquisition brings Crocker Partners’ Orlando portfolio to approximately 900,000 square feet, including Orlando University Center and Maitland Lakes. The new owner selected CBRE to spearhead leasing efforts at Northpoint Center. The property is close to Interstate 4, Orlando’s busiest thoroughfare, which provides access to nearby hotels, restaurants, retail venues and residential neighborhoods.

“With the robust population growth in the surrounding area, it was an ideal addition to our portfolio,” Josh Edwards, senior vice president at Crocker Partners, said in prepared remarks.

Earlier this month, Crocker Partners was involved in the disposition of Brickell City Tower in Miami. The 33-story building traded for $117.3 million.

Image courtesy of Yardi Matrix