TerraCap Acquires Orlando-Area Office Asset
- Mar 06, 2019
TerraCap Management has acquired 850 Trafalgar, a 150,000-square-foot office building in the Maitland, Fla., for $13.8 million. NXT Capital facilitated the transaction through acquisition financing. According to Yardi Matrix, The Praedium Group sold the asset for $94 per square foot.
Located at 850 Trafalgar Court within Maitland Center Office Park, the four-story property was completed in 1983 and underwent a series of upgrades, which included a refurbished lobby. The property is home to notable tenants such as Northwest Federal Credit Union, IRS, Federal Bureau of Investigation and Fidelity National Title, according to Yardi Matrix. The Praedium Group purchased 850 Trafalgar in August 2007 from Tricony for $19.6 million.
CBRE Vice President C.J. Kelly of the company’s Atlanta office worked on behalf of the buyer, while Marcus & Millichap Senior Vice President Douglas Mandel and Senior Associate Nicholas Hanson represented the seller.
“We know this submarket and have a track record of repositioning and stabilizing value-add properties in Maitland—we plan to do the same with 850 Trafalgar,” said Albert Livingston, partner & national director of asset management for TerraCap, in prepared remarks.
“As one of the few remaining offices in Maitland with a sizeable block of available space and Interstate 4 frontage, we anticipate it will garner strong interest from growing tenants in the market as well as those entering the market,” added Matt Hart, TerraCap partner & director of investment analytics. In 2018, TerraCap sold Keller Center, a 160,000-square-foot office building north of Orlando, Fla., for $27.9 million.
Maitland Center Office Park features more than 6 million square feet of suburban office space and provides access to surrounding amenities including dining, fitness and retail venues. The property is also proximate to downtown Maitland and a variety of housing options.
Image courtesy of TerraCap Management