Boca Raton-Based Crocker Partners Acquires Maitland Office Building

Feb 10, 2014 No Comments by

Crocker Partners has acquired 851 Trafalgar Court, a 174,048-square-foot office building in Maitland.

The building, whose major tenants include Sprint/Nextel, Rasmussen College and Digital Risk, is currently 80 percent occupied.

This latest acquisition brings Crocker Partners’ Florida holdings to more than 3.2 million square feet of office space across the state, including trophy assets such as Miami Center, Esperanté in West Palm Beach, and Two Harbor Place in Tampa.

“The 851 Trafalgar building is a great example of the high-value opportunities a recovering market can present,” said Thomas J. Crocker, Crocker Partners’ Founder and Managing Partner. “Although near-term uncertainty has caused many office buyers to overlook Maitland office properties, we expect investor appetite for this submarket and product type to return as the local and national economies improve. This is a well located asset in excellent physical condition that will draw tenants who seek strong value and an appealing work environment along the I-4 corridor.”

Capital improvements planned for the four-story lakefront building, which was built in 1984, include a full elevator modernization program, plus replacement of some common area finishes and signage elements, according to Angelo J. Bianco, Partner. Crocker Partners is managing the property and has engaged CBRE for leasing.

Crocker Partners’ portfolio of Central and Northern Florida properties also includes: Orlando University Center, a five-building complex in the University submarket; Two Harbour Place in Downtown Tampa, and Prominence, a 54-acre office park with seven buildings located in Jacksonville’s Butler/Baymeadows submarket.

Overall, Crocker Partners’ portfolio includes more than 6 million square feet of office real estate in the Southeast U.S. and Texas, representing more than $1 billion invested. The firm is the Miami market’s largest office landlord, and is a dominant owner in many of the Southeast’s and Southwest’s major markets.

 

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Industry News, NA, Office
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