HFF Handles Over $200M in Florida Deals for Flagler

Flagler Development Group of Coral Gables, Fla., has made more than $200 million in office and industrial space acquisitions recently, including the purchase of two Orlando office properties for a total of $92.5 million. The Miami office of Holliday Fenoglio Fowler, L.P. announced that it had represented Flagler in the acquisition of Reserve at Maitland, three buildings which sold for $39.56 million, and Maitland Promenade, a five-story , Class A office building with about 230,000 square feet which sold for $52.94 million. Reserve at Maitland is located at 30, 65 and 70 South Keller Road and has a total of 197,000 square feet of Class A office space that is fully leased. Maitland Promenade, located on nine acres at 495 North Keller Road, is currently 92 percent leased. HFF executive managing director Manny de Zarraga and managing directors Danny Finkle and Hermen Rodriguez represented Flagler, which bought both assets from Grubb & Ellis Realty Investors L.L.C. in a tenant-in-common exchange. “The Maitland office market is one of the strongest performing office submarkets in that area and the most desirable from an investment standpoint,” Finkle told CPN today. He said Maitland has a good location north of Downtown Orlando, is located along Interstate-4 and has a good supply of executive housing in the area. Finkle said sales in the Orlando office market have slowed down a bit, but it is “still a good market for the higher quality assets in the better submarkets. “Maitland Promenade is one of the finest assets in the submarket,” Finkle added. Among its tenants are Star Networks, Trammel Crow Residential, United Health Care, Brice Building Co. and BE& K Group. Elsewhere in Florida, HFF has recently handled several other large transactions for Flagler. Finkle told CPN the Miami office also helped Flagler buy eight buildings at the Jacksonville International Tradeport for $72.1 million. Finkle said it was an off market transaction but could not provide further details. The industrial facility, which has about 994,000 square feet of space, is almost fully leased to logistics and distribution companies who use the nearby Jacksonville International Airport and the Jacksonville Port. In another Florida deal, HFF represented Falcon Real Estate Investment Co., an advisor to Strategic Real Estate Advisors, in its sale of a 160,000-square-foot single-tenant building in Boca Raton, to Flagler. IBM is the sole tenant in the four-story Class A office building that was completed in 2001 as a build-to-suit for IBM. Flagler paid $ 42.25 million for the office building, according to the South Florida Business Journal.Click here for Blog Comments