Owens Realty Buys 2 Office Buildings in East Orlando

Two of Quadrangle Corporate Park’s single-story office buildings totaling 82,175 square feet have a new owner following a $13,570,000transaction. The value of the acquisition translates as $165 per square foot.

Two office buildings at Quadrangle Corporate Park in East Orlando are under new ownership. ORC Quadrangle L.L.C., an affiliate of Owens Realty Capital, acquired the properties from Wells Real Estate Fund XIII L.P. of Atlanta in a $13.6 million deal, or about $165 per square foot. The purchase represents Orlando-based Owens Realty’s second in the 157-acre Quadrangle Corporate Park.

Located at 3500 and 3626 Quadrangle Blvd., the buildings total 82,175 square feet in size and were completed in 2001. They are adjacent to the University of Central Florida and Central Florida Research Park. New hotels, restaurants and retail along University Boulevard are near the property, which is easily accessible from downtown Orlando and Orlando International Airport via state routes 408 and 417.

Both buildings are fully leased to three companies under long-term, triple-net leases. Siemens is the anchor tenant.ORC was represented by Palmer Vietor of Owens Realty Services. Ronald J. Rogg and Chip Wooten of CBRE Group Inc. represented the seller, and financing was arranged by Glenn Housman, a senior vice president with CBRE’s debt and structured finance group.

In late September, Owens Realty closed on 444 W. New England Ave and 362 S. Pennsylvania Ave. in Winter Park for $15 million, and paid $9.2 million for the Palladium building at 12124 High Tech Ave. about a year ago.

Photo credits: Owens Realty Services