The Capital Markets team of Mike Davis, Michael Lerner and Rick Brugge Represented Banyan Street Capital, Funds Managed by Oaktree Capital Management and Balandis AG in the Disposition of the Five-Building Portfolio
Cushman & Wakefield announced today that it represented an ownership venture of Miami-based Banyan Street Capital, funds managed by Los Angeles-based Oaktree Capital Management and Munich-based Balandis AG in the $130 million sale of Primera Towers, a five-building Class A office portfolio in Lake Mary, FL. The transaction is Orlando’s largest suburban office sale since 2002.
The Capital Markets brokerage team of Executive Director Mike Davis, Senior Director Michael Lerner and Senior Director Rick Brugge negotiated the sale on behalf of ownership. The asset was acquired by Miami-based Parmenter Realty Partners. This was the most valuable suburban office transaction in Orlando since the 2002 sale of Heathrow International Business Center.
Primera Towers is a 771,826-square-foot office portfolio situated on ±50 acres in Lake Mary. The five suburban mid-rise buildings were developed between 1997 and 2000 and feature distinctive architectural designs, high-end finishes throughout, elegant lobbies with marble flooring, on-site fitness centers and flexible and efficient floor plates. Primera Tower III houses a café with patio seating.
Primera Office Park is strategically located immediately east of Interstate 4in the Lake Mary submarket, offering prime visibility and signage. The submarket is home to nearly 50 Fortune 500 companies as well as numerous corporate and regional headquarters. Primera Towers was 88 percent leased at the time of sale to a diverse group of credit-worthy tenants including Blue Cross & Blue Shield, Liberty Mutual, Paylocity, D+H, Dixon Ticonderoga and HNTB.
“Our clients created tremendous value by consolidating the previously fractured ownership structure that existed within Primera,” said Lerner. “This best-in-class portfolio was acquired from four different owners over the past 10 years and this sale represents the first time in the park’s history that all five buildings are controlled by one group.”
“Lake Mary continues to attract a disproportionate share of corporate tenants requiring image and modern building features, which is driving current and future investment value,” added Davis.
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 and occupiers 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, visit www.cushmanwakefield.com
