Michael Lerner, Mike Davis and Rick Brugge represented Sun Life Assurance Company of Canada in its Disposition of a Five-Building, 297,582-Square-Foot Office, Flex and Warehouse/Distribution Portfolio
Cushman & Wakefieldannounced today that it has negotiated the sale of Technology Park, a five-building, 297,582-square-foot office, flex and warehouse/distribution portfolio in suburban Orlando.
The capital markets team of Senior DirectorMichael Lerner, Executive DirectorMike Davisand Senior DirectorRick Bruggerepresented Toronto-based sellerSun Life Assurance Company of Canadain the disposition. Colorado-basedReal Capital Solutions purchased the asset for $21.3 million ($72 per square foot).
Technology Park is comprised of five Class A single-story office, flex and warehouse/distribution buildings located at100, 200, 250, 255 and 525 Technology Parkway. Building 250 and 255 were originally developed as warehouse/distribution buildings, but have since been converted to Class A office space with a small warehouse component. Building 200 is a warehouse/distribution building featuring both dock-high and grade-level doors as well as a 24-foot clear height. Buildings 100 and 525 are flex buildings with office build-out varying by suite.
The portfolio was 58 percent leased at the time of sale. Notable tenants includeFARO TechnologiesandCuraScript.
“The portfolio’s variety in product type and space configurations provide flexibility when competing for tenants, which is a strategic advantage over its competitors,” said Lerner. “Our client was able to shed a non-core asset at market pricing and the buyer has the opportunity to add significant value through repositioning and lease-up of remaining vacancy.”
Cushman & Wakefield research indicates the Orlando market continues to exhibit strong demand from industrial users.
“In six years, the overall vacancy rate[in Orlando]fell by more than half, dropping 7.6 percentage points since the end of 2010 to 6.9 percent at the end of the first quarter,” wrote Florida Research ManagerChris Owenin the firms’1Q 2016 Orlando Industrial MarketBeat Report. “Of the 1.2 million square feet in the pipeline, only 38.0 percent of that space remained available at the end of the first quarter.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visitwww.cushmanwakefield.comor follow@CushWakeon Twitter.
