Dealmaker: Avison Young Closes $15M Office Park Sale
Avison Young’s Florida Capital Markets Group closed the $15.1 million sale of Central Corporate Center, a five-building office park in Orlando, Fla.
Totaling 318,500 square feet, Central Corporate Center occupies 21.7 acres at 5915 S. Rio Grande Ave. between Orlando’s central business district and the Orlando International Airport.
Avison Young represented seller 110 Grove LLC. The firm’s South Florida team of Principals David Duckworth, Michael Fay John Crotty, Vice President Brian de la Fé and Associate Berkley Bloodworth collaborated with Orlando-based Principals Nathan Eissler and Lisa Baily on the transaction.
“Our team was engaged to sell Central Corporate Center at the highest value within the shortest possible timeframe, so we worked with the seller to develop a strategy using the Ten-X platform,” Duckworth said. “We were able to generate incredible exposure and eliminate the risk of buyer default by requiring a hard deposit upon awarding the deal.”
Orlando office investment activity has remained steady, with nearly $360 million in transaction volume between January 2020 and June 2021. Average base office rents have increased by 6.7 percent since early in the pandemic. Avison Young noted office demand is increasing as the local economy gains momentum, employees return to workplaces and tenants that postponed their long-term occupancy strategies re-enter the office market.
Eissler noted Central Corporate Center had less than 30 percent occupancy when the property hit the market, which made it a prime value-add opportunity with upside potential. “The buyer was attracted to the asset’s location and size and has plans to re-lease the property with new improvements,” he said.
Originally a build-to-suit property for Lockheed Martin and previously occupied by an AT&T web hosting group, Central Corporate Park includes a 51,000-square-foot data center, which has seen strong high demand since the pandemic pushed companies to invest in digital infrastructure.
American City Business Journals said Orlando could be the second-fastest growing large metropolitan area in the United States by 2030 and said Orange County’s population could increase 30 percent in that time.