Orlando-Area Office Building Trades for $4M
- May 09, 2017
Cushman & Wakefield has completed the sale of Seminole Springs Office Center, a 32,975-square-foot office building in suburban Orlando, in a $4.1 million transaction.
Managing Director Damien Madsen and Senior Associate Tommy Pinel worked on behalf of the seller, Springs Equity Ltd. Seminole Springs Office Center LLC acquired the property, paying approximately $124.34 per square foot. According to public records, First Colony Bank of Florida provided $3.1 million in acquisition financing to facilitate the deal. The deal did not include 50 percent of the underlying land, subject to a ground lease and valued at $1.05 million.
“This was a great transaction for all parties involved. A true win-win solution,” said Madsen in a prepared statement. “The process, sale and closing all took place with no issues,” he added.
Completed in 1985, the three-story building features classic red brick construction, bank space, drive-thrus and ample parking. It is currently 65 percent leased, with notable tenants including Waste Pro, a waste services company headquartered at Seminole Springs Office Center. The office building sits on a 1.75-acre site at 2101 West State Road 343 in Longwood, Fla. This location offers exposure and access to Interstate 4, located less than one-quarter mile east of the property.
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