Colliers International Handles Sale Of Maitland Office Property

Apr 18, 2017 No Comments by

Colliers International has handled the sale of an approximately 33,100-square-foot Class A office building in Maitland, a suburban area just north of Orlando, for $6.75 million.

The two-story office building is located in the Maitland Center office park, which consists of 168 buildings totaling 7.5 million square feet. The property sold for $204 per square foot – the highest per-square-foot price paid for an office building in Maitland Center since the peak of the last economic cycle.

The buyer, RU EXP Maitland FL, LLC, is a subsidiary of Rich Uncles NNN REIT, Inc. The California-based REIT has a growing presence in Central Florida, and also recently purchased one of the the Accredo Health Group office buildings in Orlando and the Northrop Grumman Engineering Facility office building in Melbourne.

Joe Rossi, CCIM, Managing Director of Investment Services, and Colin Morrison, Associate, with Colliers International Central Florida, represented the seller, BRWHP Properties, LLP, in the transaction.

The office building is occupied by a single tenant – Exp U.S. Services Inc., an engineering consultation company, which has a lease through 2026.

Situated on three acres, the building was originally constructed in 1985 and underwent significant renovations in 2014. Renovations included adding features that lowered the building’s carbon emissions and electricity use, which helped the building earn LEED Gold certification.

The property was sold as part of a reverse 1031 exchange. Colliers’ Rossi and Morrison completed the sale within 60 days from bringing the property to market and secured a cash buyer to facilitate compliance with the timing required as part of this exchange.

“Single-tenant net-leased properties are attractive to investors because they often come with stable, guaranteed income and favorable financing terms,” said Colliers’ Rossi. “In this case, the buyer benefitted from both of those factors, and the seller benefited from the ability to move forward quickly with the reverse 1031 exchange.”

The Maitland office property is located at 2601 Westhall Lane.

 

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