Suburban Orlando Office Asset Trades for $28M
- Feb 19, 2020
Crocker Partners has sold Maitland Lakes, a 174,000-square-foot office property near Orlando, Fla., to Brightman-Gil Real Estate Investments for $28.2 million. The new owner financed the acquisition with a seven-year, $18.6 million loan provided by Reinsurance Group of America, according to Yardi Matrix. CBRE represented the seller.
The property last traded in 2014 when Crocker purchased it from GID for $14.9 million. In the six years that followed, the firm brought the asset’s occupancy to 91 percent. The tenant mix includes Sprint, Wiley and North American Title Co., according to Yardi Matrix.
Located alongside Interstate 4 at 851 Trafalgar Court in Maitland, Fla., the property opened its doors in 1984. In 2016, Crocker renovated the building by upgrading elevators, improving common areas and completely redesigning the on-site café.
With this purchase, Crocker has continued its expansion in Central Florida. In January, the firm partnered with PCCP to purchase Resource I & III, a portfolio totaling 245,111 square feet. The assets traded for $50.4 million.