Dealmaker: Cushman & Wakefield Arranges $315M Orlando Office Sale

Cushman & Wakefield, Chicago, has arranged sale and financing of SouthPark Center, a 10-building suburban office park in Orlando, Fla. The sale price equaled $315 million.

SouthPark Center

Cushman & Wakefield’s Mike Davis, Rick Colon, Rick Brugge and Dominic Montazemi represented seller AEW Capital Management in the transaction with support from Zach Eicholtz, Brooke Tulley and Ryan Jenkins. Brian Linnihan, Jason Hochman, Mike Ryan and Ron Granite arranged $233 million of acquisition financing.

PPF Real Estate, Prague, Czech Republic, acquired the portfolio, located near John Young Parkway and Sand Lake Road. The firm entered the U.S. market by acquiring the Mansell Overlook office park in suburban Atlanta early this year. It has invested or committed to more than $500 million in real estate investments in its first full year of U.S. operations. Cushman & Wakefield advised PPF Real Estate on acquisition financing for both of these acquisitions.

“SouthPark has been institutionally owned and maintained with several recent amenity upgrades helping to fuel the park’s performance in the broader market,” Davis said.

Aaron Smith, Managing Director for PPF Real Estate U.S., noted PPF Group is an opportunistic family office investor. “Thus, the proposition of acquiring large portfolios with strong cash flows, accompanied with development upside, is compelling to us as an investor,” he said.