MIAMI—Orlando Central, a landmark 637,380-square-foot, 21-building office park in Orlando, has traded hands. The sale price: $50.35 million.
Grover Corlew, a Pompano Beach-based investment management group, acquired the office asset. CBRE’s Christian Lee, Ron Rogg, and Chip Wooten represented the seller, a fund managed by DRA Advisors.
“Orlando Central is currently 82% leased and therefore offers predictable cash flow with significant upside opportunity through the lease-up of 113,219 square feet of vacant space,” Lee, vice chairman of CBRE Capital Markets, tells GlobeSt.com. “With nearly 46 acres of developable land, this is the largest potential redevelopment site in Orlando; a great asset for investors.”
The property is located 3.5 miles east of Orlando’s central business district, off Maguire Boulevard, and just north of East Colonial Drive, across from the Orlando Fashion Square Mall. State of Florida’s Department of Health, Department of Environmental Protection, and Concorde Career College are among the current tenants.
“The property’s close proximity to Fashion Square Mall and high-end multifamily projects, like the 449-unit Elan at Audobon Park, attracted a variety of investors,” Rogg, executive vice president of CBRE Capital Markets, tells GlobeSt.com. “With the renovation of Fashion Square Mall underway and the area’s tremendous connectivity to all major highways, this is one of Orlando’s hottest areas at the moment.”
Are we about to see more office construction? Here’s one take. There’s already a $1 billion transit-oriented development rising in Downtown Orlando.