News Item - Tampa
Avison Young closes $15.1M sale of Central Corporate Center, a five-building office park near Orlando’s Central Business District and International AirportOctober 19, 2021
Orlando, Fla. – Avison Young’s Florida Capital Markets Group closed the $15.1 million sale of Central Corporate Center, a five-building office park totaling 318,516 square feet and spanning 21.7 acres at 5915 S. Rio Grande Ave. in Orlando, Florida. Situated between Orlando’s Central Business District to the north and the Orlando International Airport to the south, the property was ideal for an investor seeking to a well-located asset with great value-add potential.
The sale was facilitated using the Ten-X auction platform and represented a joint-effort between Avison Young’s Orlando and South Florida offices. On behalf of the seller, 110 Grove, LLC, Avison Young’s South Florida team of Principal David Duckworth; Principal and Miami Managing Director Michael T. Fay; Principal John K. Crotty, CCIM; Vice President Brian C. de la Fé; and Associate Berkley Bloodworth collaborated with Orlando-based Principals Nathan Eissler, CCIM, SIOR, and Lisa Baily to spearhead the disposition to Florida-based entreprenuer Marc Osheroff.
“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,” said Duckworth. “We were able to generate incredible exposure and eliminate the risk of buyer default by requiring a hard deposit upon awarding the deal.”
Office investment activity has been steady in Orlando, with a total transaction volume of $359.3 million for the period from January 2020 to June 2021, according to Avison Young research. Average base rents have increased by 6.7% from peak-to-trough since the onset of the pandemic. Demand is starting to increase as the business economy continues to gain momentum, employees come back to the office, and tenants that postponed their long-term occupancy strategies re-enter the market.
“Central Corporate Center was under 30% leased with short-term agreements at the time of the listing, which made it a prime value-add opportunity offering great upside potential,” said Eissler. “The buyer was attracted to the asset’s location and size and has plans to re-lease the property with new improvements.”
Located within Orange County’s Orlando Central Park submarket, Central Corporate Park offers excellent connectivity throughout the region due to its convenient access to Interstate 4, State Road 428, and US Route 441. Originally a build-to-suit for Lockheed Martin and previously occupied by an AT&T web hosting group, the property features a 51,000-square-foot data center, which is in high demand since the pandemic pushed companies to shift focus and invest in digital infrastructure.
According to population projections produced by American City Business Journals, Orlando is projected to be the second-fastest growing large metropolitan area in the United States moving toward 2030, with Orange County anticipated to increase by 30% in the next 11 years. Office investment and leasing activity have already started to pick up since the pandemic lull and is expected to grow along with the market.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2020 winner of Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for nine consecutive years.
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For more information:
Nathan Eissler, CCIM, SOIR, Principal, Avison Young: 407.440.6658
David Duckworth, Principal, Avison Young: 954.938.1806
Michael T. Fay, Principal and Managing Director, Avison Young – Miami: 305.447.7842
John K. Crotty, CCIM, Principal, Avison Young: 305.447.7865