CBRE Arranges Off-Market Sale Of 6-Building Office Portfolio

Feb 11, 2019 No Comments by

CBRE arranged the $8.3 million sale of Wickham Commons, an +81,300-square-foot six-building business park located at the NW Corner of Wickham Rd. and Murrell Rd. at 8240 – 8249 Devereux Drive in Viera, a master planned community located in the central coastal region of Brevard County, which is part of an unincorporated section adjacent to the Melbourne area.

Ron Rogg and Chip Wooten represented the seller, Wickham Commons Office Building Partnership, in the sale.

 

“This 6-building property is ideally positioned to the advantage of the explosive growth predicted for Florida’s Space Coast,” said Ron Rogg, executive vice president at CBRE. “We were able to close the deal before we officially listed the property. The Wickham Commons portfolio has a combination of upside potential, loyal tenancy, and predictable cash flow, providing an exceptional opportunity in today’s low interest rate environment. They buyer was able to get ahead of the marketing process with a competitive offer and quick close.”

The transaction closed on January 30, 2019. This is the second office investment sale arranged by CBRE in Brevard County in a short timeframe; having just closed on the 150,000-square-foot Rialto Tower late last year.

With high occupancy, the six buildings that compose the Wickham Commons Portfolio are located at 8240, 8245, 8247, 8249 Devereux Drive, 7380 Murrell Road and 3770 Cabot Court. Built between 1991 and 2000, the portfolio enjoys excellent access to Interstate-95 by way of Wickham Road. The area has several amenities and access to exceptional executive housing options within Viera, a top 25 best-selling master planned community in the United States.

Strong Space Coast fundamentals, excellent demographics and a significant projected increase in construction related jobs will all contribute toward stabilization of the property. Additionally, the strategic location in Viera, near the area’s largest employers and access to Interstate-95 provides unparalleled visibility, strong barriers to entry, and attracts a diversified tenant base.

 

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