$33.1 Million Office Sale Marks One Of Orlando Area’s Largest This Year

Jul 28, 2014 No Comments by

In one of the largest suburban office deals in the Orlando market this year, TA Associates has purchased Maitland Promenade I for $33.1 million.

Located at 485 Keller Road in Maitland, the building has about 230,000 square feet and was 76 percent occupied when it was first marketed several months ago, said Jeff Morris, the JLL broker who represented the seller. One of the primary tenants is Bright House Networks.

A limited liability company last purchased it near the peak of the market in 2006 for $45 million, records show. The seller was a Dallas-based group, Invesco Real Estate. The asset had been transferred by the owner, LaSalle Investment Group.

The Maitland office park has been troubled by vacancies in recent years. Morris said the Maitland office market is split, with vacancy rates of 24.3 percent for buildings that predate 1991 and 11.2 percent for those built since then.

The building’s sister property, Maitland Promenade II, sold for $31.2 million last year.

 

Source:  Orlando Sentinel

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Industry News, NA, Office
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