Dealmaker: Institutional Property Advisors Sells Florida Offices for $29M
Institutional Property Advisors, Ontario, Calif., brokered the sale of North Lake Business Park in Altamonte Springs, Fla., for $28.5 million.
IPA Executive Managing Director Douglas Mandel represented seller Real Capital Solutions, Louisville, Colo., and procured buyer Taurus Investment Holdings LLC, a private equity real estate firm headquartered in Boston.
The 15-building office park in central Florida includes a mix of regional and national tenants that will provide Taurus with long-term cash-flow security, “and the variety of building types, units and loading options offer considerable flexibility and excellent potential upside,” Mandel said.
Taurus has invested in the Orlando office market for more than 25 years and remains confident about its resiliency and future growth potential, said company CEO Peter Merrigan.
A 10-minute drive from downtown Orlando, North Lake Business Park has a half-mile of frontage on Interstate 4 and the Altamonte Springs SunRail station is three miles from the property. Constructed between 1982 and 1987 on 29 acres, the 270,000-square-foot business park is 75 percent office space and 25 percent air-conditioned warehousing with a 5,000-square-foot average unit size.
The property was 90 percent leased to a mix of technology, real estate and healthcare tenants at closing.