C&W Arranges Record Sale of Orlando Office Park
- May 18, 2017
Cushman & Wakefield recently brokered the record sale of Colonial Center at TownPark, a Class A, 662,320-square-foot office portfolio in Lake Mary, Fla. The sales advisory team worked on behalf of the seller, a fund advised by New York-based DRA Advisors LLC.
An affiliate of the Atlanta-based Brookdale Group acquired the four-building complex in the largest brokered suburban office portfolio sale in Orlando since November 2016, when the same Cushman & Wakefield team negotiated the sale of Primera Towers. Executive Managing Director Mike Davis, alongside executive directors Michael Lerner and Rick Brugge, led the Capital Markets team in both of these sales.
Colonial Center at TownPark comprises four buildings at 100, 200, 300 and 600 Colonial Center Parkway, constructed between 2001 and 2006. The office park features distinctive architectural design, lobbies with marble flooring, flexible floor plates and on-site amenities including a conference facility, fitness center and cafés. The portfolio was 96.9 percent occupied at the time of the sale, boasting a roster of notable tenants including Hartford Fire Insurance Co., Bank of New York, Fiserv, Pershing and IBM.
The office complex is part of Colonial TownPark, a nearly 200-acre, live-work-play community that broke ground in 2001. Located at the interchange of Interstate 4 and The Central Florida GreenWay, the urban-style Colonial TownPark offers an array of amenities including office, retail, hotels, restaurants and entertainment options. Piedmont Office Realty Trust recently partnered with Providence One Partners to develop 500 TownPark in the community, the first office building delivered in Seminole County with speculative office space.
”As Orlando’s only true live-work-play environment, Colonial Center at TownPark has been able to command market-leading rental rates and maintain occupancy levels in excess of 90 percent in each of the past 10 years, which were significant driving factors for investors,” Davis said in prepared remarks.
According to Yardi Matrix data, Colonial Center at TownPark previously changed hands in a $393 million portfolio transaction in 2007.
Images courtesy of Yardi Matrix