NGKF Capital Markets Closes Two Orlando Sales for Nearly $11 Million

Mar 09, 2016 No Comments by

NGKF Capital Markets announced $10.7 million in Orlando retail and office transactions as CenturyLink disposed of its seven-story office building for $6.2 million and Boca Brickell 13 LLC sold a 7-Eleven convenience store for $4.5 million.

Executive Managing Directors Adam Greenberg and Michael Lapointe, and Managing Director Michael Lohmann, represented the seller, Boca Brickell 13 LLC, in the sale of a 4,798-square-foot, single-tenant leased gas station. The 7-Eleven store and gas station is located on 0.90 acres in Winter Garden. This marks the fourth transaction the Miami capital markets team has closed in the greater Orlando market since August 2015, with a cumulative deal total of over $100 million.

In addition to the Winter Garden transaction, NGKF Managing Director Michael T. Davis also represented the owner, CenturyLink, a Louisiana-based global communications company, in the investment sale of its 100,000-square-foot, Class A office space in Altamonte Springs. The property at 850 East Altamonte Drive is 100 percent leased and features a full generator back-up and access to Central Florida’s new commuter rail system.

 

“We’re seeing an increase in capital market transactions in office submarkets before the area supported new multi-tenant construction,” said Jason Schrago, executive managing director in the NGKF Orlando office. “Many office-building owners have been waiting for improved market dynamics in order to exit with minimal loss or at a net positive investment return. Some new-to-market investors, some now see a positive trend and are ready to deploy capital in the Orlando economy.”

Investors are acquiring highly sought-after multi-tenant and single tenant buildings in every Orlando submarket. NGKF has office tenant clients within buildings in South Orlando, Downtown, Maitland and Lake Mary that have traded very favorable leases and lease renewals within the past six months.

 

“We’ve been able to secure very favorable lease renewal terms with new owners rather than implementing an unnecessary and costly relocation,” said Schrago.

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Industry News, NA, Office, Retail
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