C&W Lends a Hand in Orlando
- Jun 29, 2016
Orlando—Cushman & Wakefield has negotiated the sale of Technology Park, a five-building, 297,582-square-foot office, flex and warehouse/distribution portfolio in Lake Mary, which is part of the Orlando metro in Seminole County.
Colorado-based Real Capital Solutions acquired the asset from Canada-based Sun Life Assurance Co. for $21.3 million ($72 per square-foot). The seller was represented by Cushman & Wakefield’s capital markets team led by Michael Lerner and Rick Brugge, senior directors, and Mike Davis, executive director.
Technology Park features five Class A single-story office, flex and warehouse/distribution buildings located at 100, 200, 250, 255 and 525 Technology Parkway. Buildings 100 and 525 are flex buildings with office build-out varying by suite, while building 200 is a warehouse/distribution building featuring both dock-high and grade-level doors, as well as a 24-foot clear height. Building 250 and 255 were originally developed as warehouse/distribution buildings, but have since been converted to Class A office space with a small warehouse component.
At the time of the sale, the park was 58 percent leased. Notable tenants include FARO Technologies and CuraScript.
“The portfolio’s variety in product type and space configurations provide flexibility when competing for tenants, which is a strategic advantage over its competitors,” Lerner said in prepared remarks. “Our client was able to shed a non-core asset at market pricing and the buyer has the opportunity to add significant value through repositioning and lease-up of remaining vacancy.”