HFF Arranges $84M for Purchase of Metro Orlando Office Park
- Dec 01, 2016
Lake Mary, Fla.—Holliday Fenoglio Fowler L.P. has arranged $84 million in financing for the acquisition of Primera Towers I–V, a five-building office park in this Orlando-area community. HFF worked on behalf of a Parmenter Realty Partners investment fund and an institutional equity partner to secure the $84 million loan through JPMorgan Chase Bank, N.A.
The park totals 772,000 square feet and consists of Primera Towers I–V, at 605, 610 and 615 Crescent Executive Court and 255 and 300 Primera Blvd. The park is 89 percent leased and features on-site fitness centers and a café with patio seating at the Primera III building.
The site is immediately off I-4 and reportedly has excellent highway visibility and access to an amenity base featuring several Fortune 500 companies and more than 50 restaurants, as well as banks, hotels and retailers.
HFF was unable to provide additional information and Parmenter did not reply to Commercial Property Executive’s queries, but according to published sources, the purchase price was $130 million and the sellers were Banyan Street Capital, of Miami; funds managed by Oaktree Capital Management, Los Angeles; and Balandis AG, of Munich.
The HFF debt placement team representing the borrower was led by senior managing director Ed Coco and senior real estate analyst Matt Casey.
“Primera Towers provides an excellent core-plus investment opportunity,” Coco said in a prepared statement. “The well-occupied office park offers the ideal combination of cash-flow stability and the opportunity to capitalize on continued strength in the Lake Mary submarket, while the attractive financing offered by JP Morgan was well structured and will be instrumental in the overall success of the venture.”
“Consolidating the ownership of the park for first time in its history presents an exciting opportunity to expand the available services and amenities of the park for our current and future tenants,” added John Davidson, managing principal of Parmenter.
Banyan Street had acquired Primera I and II (completed in 1997 and 1998) from DRA Advisors LLC in August 2013 and followed up by purchasing Primera IV from Guggenheim Real Estate, of Boston, in February 2014 for $13.7 million.
As of last fall, those three buildings had leased more than 150,000 square feet in the previous nine months.