Suburban Orlando Business Park Commands $20M
- Oct 09, 2017
CBRE brokered the sale of Suntech Commerce Park I and II, a master-planned business park totaling 224,409 square feet of office and flex space in Lake Mary, Fla. According to public records, DOF II Suntech LLC, an entity affiliated with New York-based Torchlight Investors, sold the asset in a $19.7 million deal. Arsenalt Holdings LLC, an entity connected to Real Capital Solutions, a real estate investment manager based in Louisville, Colo., acquired the complex.
Located at 39-59 Skyline Drive, on approximately 19.5 acres, Suntech Commerce Park features six buildings and offers 24-hour access, grade-level and dock-high spaces, as well as monument and building signage. Additionally, all buildings are 100 percent sprinklered. The business park is leased to a diverse mix of tenants, including Applied Concepts, Vitil Solutions, EDCO Group, Massey Services, Car Financial Services and Advanced Pharmacy Florida.
Executive Vice President Ronald Rogg and Associate Chip Wooten of CBRE’s Capital Markets group represented the seller in the transaction. This isn’t the buyer’s first foray into the Orlando real estate market. Real Capital Solutions acquired a five-building office, flex and warehouse/distribution portfolio in Lake Mary, Fla., in June 2016.
“The property’s combination of upside potential, loyal tenancy and predictable cash flow, while unencumbered with debt, provides an exceptional opportunity in today’s low-interest rate environment,” said Rogg, in prepared remarks. “Lake Mary offers superior executive housing and strong demographics and has experienced four consecutive years of positive absorption, a great submarket to invest in.”
Suntech Commerce Park provides access to major Central Florida roadways, including Interstate 4, routes 17 and 92, Central Florida GreeneWay and Florida State Road 434. The complex is close to several residential communities, restaurants, hotels, services and shopping venues.
Image courtesy of CBRE