Online auction produces second largest Orlando office deal of 2012
IRVINE, CA – February 20, 2013 – (RealEstateRama) — Auction.com (www.auction.com), the nation’s leading online real estate marketplace, announced final sale of Orlando University Center, a 386,512-square-foot office complex near the University of Central Florida.
The total purchase price of $33,275,000 was Orlando’s second largest office sale of 2012.
The five-building complex was 70 percent occupied with 56 tenants at the time of the auction. Located in the East Orlando submarket, an area heavily populated by defense contractors, the property attracted widespread interest from qualified buyers and drew 27 bids and more than 118 confidentiality agreements signed.
“Auctions are ideal for buying and selling highly desirable assets and it’s no different for real estate as they create a transparent and efficient marketplace,” said Joe Cuomo, senior vice president of Auction.com’s Commercial Private Client Group. “Given its size, desirable location and 70 percent occupancy, Orlando University Center generated significant interest from a large number of sophisticated investors.”
Auction.com worked with a brokerage team from Colliers International, which represented LNR, the property’s seller and special servicer. The buyer, Crocker Partners, a real estate investment firm based in Boca Raton, Fla., represented itself in the transaction. Auction financing was provided by Archetype Mortgage Capital.
“We were attracted to this property due to its institutional quality, positive cash‐flow and upside potential. This is the second property that we have bought off of the Auction.com platform. We found it easy to participate in the auction process and would recommend Auction.com to investors who are looking for institutional quality acquisitions,” said Thomas Brockwell, a partner with Crocker Partners.
Established in 1990, Auction.com has pioneered modern real estate auctions and created the nation’s leading online real estate marketplace. It has established a leading position in its industry by selling more than $20 billion in real estate assets at auction since 2007. Additional services include residential loss mitigation and title agency and escrow/closing services. Primary clients include residential and commercial mortgage lenders, servicers, institutional real estate investors and home builders. Auction.com’s success is based on the aggregation of real estate assets that are marketed and sold on-line and in large format auctions across the country. Auction.com is headquartered in Irvine, California and has offices in Newport Beach, Dallas, Miami, Silicon Valley, New York, London, and Frankfurt. Visit Auction.com for more information.