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Introduction
Lincoln Property Company (“LPC”) has been retained on an exclusive basis to arrange the sale of the Owner’s fee and leasehold interest in a four building, value-add office portfolio located in two suburban locations within Metro Orlando, Florida. The offering represents an opportunity to acquire an institutional quality, Class B suburban office portfolio in a high-demand, high-barrier Sunbelt market, at below one-half of replacement cost.
Property RSF Yr Built Occupancy Parking Acres
Corporate Park I 44,251 1984
Corporate Park II 42,729 1985
Corporate Park 86,980 62.8% 3.67/1000 8.34(Leasehold)
Premier Point South 47,954 1984 4.03/1000 2.63(Fee)
Premier Point North 47,323 1989 3.74/1000 2.94(Fee)
Premier Point 95,277 55.5% 3.88/1000 5.57(Fee)
Total/Average 182,257 58.9% 3.78/1000 13.91
The buildings have been institutionally owned and well maintained throughout their existence. The Corporate Park properties have received multiple upgrades and renovations including renovation of lobbies, restroom upgrades, new electronic lobby tenant signage, new monument signage and upgraded energy management controls. This work cost in excess of $175,000 and funding provided by the seller. With both properties situated in beautiful park-like settings with mature trees and abundant parking, the buildings are well positioned to benefit from improving market conditions.
The investment gives investors the opportunity to obtain multi-tenanted buildings with convenient access to major thoroughfares, employee housing and an outstanding amenity base. The multi-tenanted nature of the buildings reduces risk and dependency on large tenants. These well-positioned assets provide an investor the ability to obtain a nominal amount of in-place cash flow with the opportunity to realize significant value creation through the retention of existing tenants and through the lease-up of the vacant space.
Location & Market Summary
Corporate Park is located near the Fashion Square Mall on Maguire Boulevard and provides tenants with excellent exposure and visibility from this arterial roadway. The buildings are located 2 miles to the east of both I-4 and Downtown Orlando and SR 408 (East-West Expressway) is located only 1 mile directly to the south. The unique location provides quick access to Downtown Orlando, the main east-west and north-south roadways and an abundance of high-end executive housing developments including both Winter Park and Baldwin Park.
Premier Point is situated on South Westmonte Drive one block south of Semoran Boulevard (SR 436) and one block west of I-4. The Property provides tenants with excellent exposure and visibility by the use of two monument signs located directly on South Westmonte Drive. The Property is located ½ mile from the I-4 interchange at Semoran Boulevard (SR 436) which provides access to the majority of suburban areas throughout the Orlando area. This location is only 8 miles to the north of Downtown Orlando and a mere 2 miles from Maitland Center.
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