Cushman & Wakefield Negotiates Sale Of Six Class A Suburban Office Buildings

Jul 18, 2017 No Comments by

Cushman & Wakefield announced that it has negotiated the sale of Heathrow International Business Center, which includes six Class A office buildings located in suburban Orlando.

The Capital Markets team of Vice Chairman 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. A controlled affiliate of Starwood Global Opportunity Fund XI acquired the asset for $151.1 million in an exclusively negotiated, off-market transaction.

The deal closed July 11.

Heathrow International Business Center is the third in a series of significant office parks to change ownership in Lake Mary in less than one year, including Colonial Center at TownPark, which sold in May 2017, and Primera Towers, which sold in November 2016. All three transactions were negotiated by Davis, Lerner and Brugge and comprise more than 2 million square feet of office space.

Heathrow International Business Center is a six-building office campus and is situated within 370-acres at 300, 400, 801 and 901 International Parkway1001 Heathrow Park Lane and 1000 Business Center Drive in Lake Mary. The office park, which totals 795,950 square feet, is adjacent to Heathrow Country Club, executive housing and luxury apartment communities as well as a full-service Marriott Hotel, retail, banking, a nine-acre park and bike and running trails. The property is positioned at the gateway to one of Orlando’s most affluent office markets, Lake Mary/Heathrow, and is centrally located with exceptional access to Interstate 4 and State Road 417 (Central Florida GreeneWay) just north of Orlando. Notable tenants include Deloitte, Veritas Technologies and Superion.

The campus was 91 percent leased at the time of the sale.

 

“The strong location and high-quality tenancy will continue to enable Heathrow International Business Center to attract users seeking first-rate, well-located and well-priced suburban office space,” said Davis.

 

“This transaction enabled Starwood Capital Group to acquire immediate critical mass in one of Orlando’s top submarkets,” added Lerner.

 

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