Orlando, FL – February 2, 2012 – (RealEstateRama) — Brookwood Lakefront Investors, LLC acquired Lakefront I and II, a four-building, ±192,654-square-foot suburban office/warehouse property located within Orlando Central Park. CBRE Executive Vice President Ron Rogg marketed the asset for sale and represented a private seller in the disposition.
Commenting on the pricing, Rogg said, “The asset traded at market pricing for a value-add sale. Comparable buildings are selling in the $11–12 million range.”
Orlando Central Park is a 12-million-square-foot office and light industrial park within the South Orlando suburban submarket. Originally developed by Lockheed Martin, the 4,200-acre campus is the preferred place of business to more than 400 companies.
At the time of closing, the property was 71% occupied. Larger tenants include the State of Florida Agency for Workforce Innovation, Regions Bank, HCA Management Services, and Advanced Care Scripts/Omnicare. These four tenants represent more than half of the occupied space.
Located at 6101–6251 Chancellor Drive in Orlando, Lakefront I and II comprises four single-story buildings built from 1986 to 1988.
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CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
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