CBRE Arranges $32.5 Million Sale Of Two-Building Office Portfolio

Apr 25, 2019 No Comments by

CBRE has arranged the $32,500,000 sale of the fee simple interest in Windsor and Berkshire at Metrocenter, a Class A two-building portfolio totaling 182,753 sq. ft. Located at 2101 Park Center Drive & 2145 Metrocenter Boulevard in Orlando, the property was sold to Metrocenter Office, LLC.

CBRE’s Ron Rogg and Chip Wooten represented the seller.

 

“Given the strong historical occupancy and current market conditions, the buyer will benefit from ownership of these assets in a rising rate environment with strong predictable income,” said Rogg, Executive Vice President at CBRE. “Also, 7+ acres are available for future development, giving future ownership the ability to scale up to 407,753 sq. ft.”

The property is currently 89% leased to 11 tenants, the largest of which have a long history at the property.

Ideally located in South Orlando, the property benefits from easy access to Orlando’s main thoroughfares – Interstate-4, Florida Turnpike, and the East/West Expressway (SR 408). The Orlando International Airport and Downtown Orlando are also 20 and 6 miles away, respectively. Situated within the mixed-use community of MetroWest, the property is surrounded by executive housing and retailers such as Starbucks, Tijuana Flats, and Chipotle in addition to several entertainment options including a renowned Robert Trent Jones golf course less than 2 minutes away.

Market fundamentals in Orlando are robust. The MSA has led the country in job growth the past three years and is a consistent leader in population growth. The market is one of only two in the United States that has experienced positive net absorption in each year since 1995. Vacancy continues to decline with current levels at just 9.1% – the lowest of all Florida MSAs.

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Industry News, NA, Office
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