Cushman & Wakefield Negotiates Record Sale In Lake Mary

May 17, 2017 No Comments by

Cushman & Wakefield announced today that it has negotiated the sale of Colonial Center at TownPark, a four-building, 662,320-square-foot, Class A office portfolio in suburban Orlando.

The Capital Markets team of Executive Managing Director Mike Davis, Executive Director Michael Lerner, and Executive Director Rick Brugge represented a fund advised by New York-based DRA Advisors, LLC in the disposition of the asset. An affiliate of the Atlanta-based Brookdale Group acquired the buildings. This is the largest brokered suburban office portfolio sale in Orlando history, eclipsing the previous mark set by the November 2016 sale of Primera Towers, also negotiated by Davis, Lerner and Brugge.

Colonial Center at TownPark comprises four buildings at 100, 200, 300 and 600 Colonial Center Parkway in Lake Mary. The assets were constructed between 2001 and 2006 and feature timeless and distinctive architectural design, best-in-class finishes throughout, elegant lobbies with marble flooring, flexible and efficient floor plates and on-site amenities including a fitness center, conference center and cafés.

The portfolio was 96.9 percent leased at the time of sale. Notable credit-worthy tenants include Hartford Fire Insurance Company, Bank of New York, Fiserv, Pershing and IBM.

The buildings are situated in Colonial TownPark, a ±200-acre, urban-style, live-work-play community which broke ground in 2001. Colonial TownPark offers a broad base of amenities including office, retail, apartments, hotels, restaurants and entertainment. Colonial TownPark is strategically located in the heart of Lake Mary at the interchange of Interstate 4 and The Central Florida GreeneWay (State Road 417).

 

“Colonial Center at TownPark is widely considered the premier suburban office park in all of Central Florida and, as such, investor demand was extremely robust,” said Lerner.

“As Orlando’s only true live-work-play environment, Colonial Center at TownPark has been able to command market leading rental rates and maintain occupancy levels in excess of 90 percent in each of the past ten years, which were significant driving factors for investors,” added Davis.

 

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