Lincoln Plaza in CBD Orlando Changes Hands
- Dec 08, 2014
The 16-story, 246,000-square-foot Lincoln Plaza in Orlando’s Central Business District was picked up recently by Highwoods Properties, Inc. The company funded the acquisition with proceeds from non-core dispositions, its ATM program and borrowings under its revolving credit facility. No debt was assumed in connection with this transaction. The total investment is expected to be $68.3 million.
Based in Raleigh, N.C., Highwoods Properties is a publicly traded, fully-integrated office REIT that owns, develops, acquires, leases and manages properties primarily in Atlanta, Kansas City, Memphis, Nashville, Orlando, Pittsburgh, Raleigh, Richmond, Tampa and the Triad. The Company now wholly owns 1.5 million square feet of office in CBD Orlando.
The Class A, multi-customer office building is a LEED certified tower located in downtown Orlando with proximate access to the CBD’s numerous amenities. These include the AAA Four Diamond rated Grand Bohemian Hotel, the Church Street Entertainment District, the City Hall and the Amway Center that is the home of Orlando Magic – the city’s NBA team. Each floor offers unique views of the city and the landscaped common courtyard offers an outdoor retreat. Further on-site amenities include a fitness center, a café and an embedded structured parking
“In the heart of downtown and very close to the city’s brand new $500 million performing arts center, Lincoln Plaza is an excellent addition to our portfolio and further strengthens our franchise in CBD Orlando,” Ed Fritsch, president and CEO of Highwoods said in a recent news release. “With meaningful occupancy upside, we expect this Class A asset to be a solid performer.”
With known near-term move-outs, Lincoln Plaza is at 82 percent occupancy.
Photo credits: Highwoods Properties