Orlando Office Campus Changes Ownership
The seller embarked on a capital improvement program after purchasing the asset in 2012. Renovations included landscape upgrades, enhanced exterior lighting and signage improvements.
By Timea Papp
Brookwood Financial Partners completed the sale of Lakefront I and II, a multi-tenant office complex totaling 192,654 square feet in Orlando, Fla. According to public records, an entity affiliated with Miami-based B Developments purchased the asset for $16.7 million, while Benefit Street Partners facilitated the deal by securing $10 million in acquisition financing. The mortgage is scheduled to mature in October 2027.
Located at 6101-6251 Chancellor Dr., the campus encompasses four buildings completed between 1986 and 1988. The property sits on 16 acres within Orlando Central Park, a 12 million-square-foot office and light industrial park. Brookwood acquired the property in January 2012 for $11.3 million and embarked on an extensive renovation program, which included landscape upgrades, enhanced exterior lighting and signage improvements. The former owner constructed an additional surface parking lot, which contributed to the retention and expansion of an indirect subsidiary of CVS Health Corp. as a long-term tenant.
Prominent location
“Lakefront is very well located in the South Orlando submarket and given its superior parking ratios, the improvements to the property, and the excellent work of our management and leasing teams, we were able to increase the property’s occupancy to over 86 percent and consummate a terrific sale for our client,” said Thomas Brown, president & director of real estate acquisitions at Brookwood, in prepared remarks.
Marty Busekrus, formerly a director at HFF’s Miami’s office, worked on behalf of the seller in the transaction. Brookwood’s current Florida portfolio includes nine office buildings in West Palm Beach, Fort Lauderdale, Orlando, Boca Raton, Plantation and Maitland, totaling 773,992 square feet. In addition, Brookwood is under contract to acquire a 15-building portfolio of office buildings in Bonita Springs and Fort Meyers, with the closing scheduled for the first week of November.
Images courtesy of Brookwood Financial Partners
