ORLANDO, Fla., March 4, 2019 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Estero, Florida, announced today the acquisition of 850 Trafalgar in Maitland, FL for $13,800,000.
850 Trafalgar is a multistory, Class B office building with +/-150,000 rentable square feet. The property is conveniently located in the heart of Maitland Center, offering many nearby tenant amenities including shopping, dining, and fitness. Maitland Center consists of over 6 million square feet of institutionally owned suburban office product with immediate access to I-4 and convenient access to downtown as well as a diverse variety of housing, from entry level apartments to executive communities.
“We know this submarket and have a track record of repositioning and stabilizing value-add properties in Maitland; we plan to do the same with 850 Trafalgar,” said Albert Livingston, Partner and National Director of Asset Management for TerraCap.
Maitland boasts a critical mass of insurance, entertainment, financial and healthcare related users such as Charter Communications, ADP, Electronic Arts, Charles Schwab, and Advent Health who office in the immediate area. In the past 3 years, Maitland has absorbed over 700,000sf and remains the top submarket for new companies relocating to Orlando.
“As one of the few remaining offices in Maitland with a sizeable block of available space and I-4 frontage, we anticipate it will garner strong interest from growing tenants in the market as well as those entering the market. We’re excited about the opportunity,” said Matt Hart, Partner and Director of Investment Analytics for TerraCap.
The seller was represented by Douglas Mandel and Nicholas Hanson with Marcus and Millichap. Chicago based NXT provided financing for TerraCap, who was represented by CJ Kelly of CBRE in Atlanta.