Piedmont Office Realty Sells Orlando Asset for $28M
- Mar 06, 2018
Piedmont Office Realty Trust has acquired HD Supply Building, a Class A 182,461-square-foot, five-story office tower located in downtown Orlando, Fla., for $28 million. CBRE Executive Vice President Ron Rogg, Senior Vice President Michael Phipps and Associate Chip Wooten represented the seller, Pavilion Orlando LLC.
Located at 501 West Church St., the property was built in 2003 and features large, efficient floor plates and high-end finishes. The property was 100 percent occupied at the time of the sale, according to Yardi Matrix.
Common area amenities include:
- controlled access
- 953 parking spaces
- free Wi-Fi
- fitness center
“Given the growth dynamics west of Interstate 4, we had incredible interest from the investor community,” said Rogg in prepared remarks. “This investment opportunity pairs predictable cash flow and significant upside with in-place rent significantly below market. The building is a rare combination of a highly desirable location, strong predictable income and tremendous repositioning upside potential, making it one of the best and few remaining value-add investment opportunities in the region today.”
Orlando Magic’s Entertainment Complex, University of Central Florida’s Creative Village, the Amway Center, the Orlando City Stadium, the Dr. Phillips Performing Arts Center and the Grand Bohemian are all located nearby. North Houston Street and U.S. Route 59 are both easily accessible from the property.
Image courtesy of Yardi Matrix