2-building, Class A Orlando office portfolio
MIAMI, January 13, 2020 – JLL announced today that it has closed the $50.4 million sale and financing of Resource Square One and Three, a two-building, Class A office portfolio totaling 245,111 square feet in Orlando, Florida.
JLL represented the seller, TerraCap Management, LLC, and procured the buyer, a joint venture partnership between Crocker Partners and PCCP, LLC. Additionally, JLL worked on behalf of the borrowers, Crocker and PCCP, LLC, to secure the seven-year, floating-rate acquisition loan with Synovus Bank. As the largest office landlord in the state, this latest acquisition will bring Crocker’s total assets under management in Central Florida to almost one million square feet.
Resource Square One and Three are located at 13501 Ingenuity Drive and 12001 Research Parkway within Orlando’s Central Florida Research Park, the largest research park in Florida. Adjacent to the University of Central Florida, the properties have easy access to downtown Orlando, Orlando International Airport and Waterford Lakes Town Center, which offers more than 1.9 million square feet of retail and restaurant amenities. Resource Square One is a three-story building with 91,890 square feet built in 1999 and Resource Square Three has 153,221 square feet within a five-story building built in 2003. Both properties are fully leased, with more than 47% of the space occupied by investment grade tenants.
“We are delighted with the outcome of this investment,” TerraCap Managing Partner Steve Hagenbuckle said. “It exemplifies TerraCap’s tactical view on asset and property management as owner operators. These buildings won the top awards from BOMA in 2019, which is a testament to great teamwork. Top submarkets like Orlando remain solid especially when there is outsized employment and population growth creating continual demand.”
“We target buildings below replacement costs in rapidly tightening markets and were able to push rents and occupancy in a meaningful way over a relatively short period,” said Albert Livingston, TerraCap Partner and National Director of Asset Management.
The JLL Capital Markets team representing the seller was led by Senior Director Ike Ojala, Senior Managing Director Hermen Rodriguez, Senior Director Robbie McEwan and Director Matt McCormack.
JLL Director Maxx Carney and Associate Reid Carleton led the financing efforts on behalf of the new owner.
“The offering received strong investor interest thanks to its top-quality credit tenancy and highly sought-after location within the Central Florida Research Park,” Ojala said.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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