BREAKING NEWS: Lake Mary’s Primera Towers Office Portfolio Trades In $130 Million Deal

Nov 01, 2016 No Comments by

primera-towers-photoCushman & 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.

The deal represents the most valuable suburban office transaction in Orlando since the 2002 sale of Heathrow International Business Center.

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.

Primera Towers is a 771,826-square-foot office portfolio situated on ±50 acres. 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 Office Park is strategically located immediately east of Interstate 4 in 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.

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