JLL Closes Sale of Class A Office Asset in Orlando
- Aug 14, 2020
JLL has closed the sale of 1925 Prospect Ave., a more than 20,600-square-foot Class A office property in Orlando, Fla. Baldwin Oak LLC acquired the asset for $5.9 million. Executive Vice President Darryl Hoffman represented the seller, CDLP Properties LLC, in the transaction. The company purchased the office building in 2005 for $566,900, according to Yardi Matrix data.
Located on one of the only 100 percent fee simple parcels in Baldwin Park, the two-story building is occupied by Cuhaci & Peterson Architects and Engineers. Built in 2006, 1925 Prospect Ave., provides convenient access to various shopping, entertainment and dining venues including Lake Baldwin, Baldwin Park, Five Guys, Publix Supermarket and Leu House Museum.
According to Commercial Café, there are six office spaces for lease in the Baldwin Park neighborhood, of which two are Class A office buildings with an average office rate of $24.5 per square feet per year, while the average asking office rent per square feet in Baldwin Park is $24.67 per square feet per year.
The closing comes a few days after JLL finalized the $46.2 million disposition of a two-property portfolio totaling 223,249 square feet of office space in Scottsdale, Ariz.