Marcus & Millichap’s Mandel+Partners Team Negotiates Sale Of Maitland Center Office Building

Mar 04, 2019 No Comments by

Marcus & Millichap Senior Managing Director and Institutional Property Advisors (IPA) senior director Douglas K. Mandel, along with Marcus & Millichap Senior Associate Nicholas Hanson, represented the Seller, 850 Trafalgar Associates, LLC, and Buyer TerraCap Management LLC in the sale of 850 Trafalgar, a 149,074-square-foot, four-story office building located at 850 Trafalgar Court within the Maitland Center submarket of Orlando, Florida.

TerraCap Management LLC purchased the asset for $13,800,000. The deal closed February 27.

850 Trafalgar

Built in 1983, the building, which is situated on 8.6 acres, has been institutionally owned and operated since 2007. Occupancy at 850 Trafalgar was 82 percent at the time of the sale. The FBI currently occupies 40,018 square feet but will be vacating at the end of their term in June 2019.

 

“With the FBI vacating, TerraCap Management will have the opportunity to add significant value through the lease up of that space at current market rents,” commented Mandel.

Maitland Center is comprised of more than 6 million square feet of suburban office and is the premier destination for many of the region’s largest employers. The building offers visibility and frontage along Interstate 4, with a less than 15 minute commute to downtown Orlando.

Mandel + Partners experienced an extremely active 2018, closing more than $270 million.  So far this year, Mandel + Partners closed transactions in excess of $100 million.

 

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