ORLANDO, Fla., Oct. 21, 2020 /PRNewswire/ — TerraCap Management LLC, a privately held investment firm with its headquarters in Estero, Florida, announced today the acquisition of Orlando International Business Center in Orlando, FL for $24,000,000.
Orlando International Business Center is comprised of six single-story office/flex buildings totaling 196,000 square feet. The property is well-located, with access to State Roads 528 and 417 and is located less than five miles from Orlando International Airport. The property is also only one mile from Lee Vista Promenade, a mixed-use development with over 700,000 square feet of retail.
Steve Hagenbuckle, Founder and Managing Partner of TerraCap said, “Expanding our single-story flex/industrial office park holdings near Orlando International Airport during its multi-billion-dollar expansion is consistent with past successful outcomes for TerraCap. Orlando continues to be a top growth market on many metrics, which is also consistent with our overall thesis and strategy.”
Orlando International Business Center is currently 88% occupied, with a diversified rent roll, providing strong in-place cash flows. “Due to lack of available land and increasingly dense development projects in the market, single-story office/flex in close proximity to Orlando International Airport is a growth constrained product type that we are excited to add to our portfolio. We know this product, market, and associated tenants,” said Albert Livingston, Partner and National Director of Asset Management for TerraCap.
The seller was represented by Ron Rogg of CBRE-Orlando. Prime Finance provided debt financing for TerraCap, with assistance from the CBRE-Orlando debt team. Foundry Commercial LLC was hired for the leasing assignment, and Harvard Pacific was hired as property manager.