KBS Buys Orlando Office Property for $49M

Maitland Promenade One

KBS has acquired Maitland Promenade One, a Class A office building in Orlando’s submarket of Maitland, for $48.5 million. Cushman & Wakefield arranged the deal on behalf of the seller, TA Realty. 

Located at 485 N. Keller Road, the five-story property is situated within Maitland Center, one of the largest suburban office parks in Central Florida, which comprises eight buildings. Maitland Promenade One is LEED Gold and Energy Star Certified. The asset is currently 98.1 percent leased to tenants such as Spectrum Communications, Adventist Health, Allstate and Taylor Morrison. Features of the 230,371-square-foot property include a Nature’s Table cafe and fitness center, as well as access to a three-story parking garage through a covered walkway. The office park is within close proximity to Interstate 4 and Orlando’s Central Business District. 

The Investment Sales Team included Executive Directors Michael Lerner and Rick Brugge, Vice Chairman Mike Davis, and Director Rick Colon. In November, members of the same team arranged the sale of a 151,479-square-foot office portfolio within SouthPark Center, a master-planned business park in Orlando, on behalf of AEW Capital Management. 

“Maitland Promenade One’s high quality, structured parking, diverse roster of credit-worthy tenants and ideal location within one of the region’s most prestigious office parks make it one of the top suburban office buildings in Orlando,” said Lerner, in a prepared statement. “KBS already owns Maitland Promenade Two, the sister building, so this was a smart, strategic acquisition.”

Image courtesy of Cushman & Wakefield