Orlando-Area Office Building Trades for $15M
- Jun 05, 2019
Tower Realty Partners and TriGate Capital sold Contact Pointe, a Class A, 92,127-square-foot office building in Lake Mary, Fla. Exeter Property Group purchased the asset for $15 million. According to Yardi Matrix data, the sale was subject to a $10 million loan originated by Citizens Financial Group. CBRE assisted the seller in the disposition.
Located at 3210 Lake Emma Road in Seminole County, Contact Pointe is within 3.4 miles of the city center and only a 20-minute drive from downtown Orlando, via Interstate 4. The closest airport is Orlando International, situated within 30 miles.
The three-story building, constructed in 1996 on a 23.3-acre site, is now fully occupied. Its tenant roster includes Falck USA and AT&T, which signed a 30,000-square-foot lease at the property in 2016.
The CBRE team that represented the seller consisted of Executive Vice President Ron Rogg and Senior Associate Chip Wooten from the Orlando office.
The building is part of Contact Pointe Corporate Park, which also includes a 152,642-square-foot property located at 3200 Lake Emma Road. Completed in 1975, the Class B office asset is owned by The Kroger Co. According Yardi Matrix, the firm bought the property from Tower Realty Partners in 2016, for $18.3 million.