ORLANDO, Fla. (Feb. 3, 2016) – Private equity fund manager, TerraCap Management, LLC, has purchased the Lake Destiny Executive Center, an 80,464-square-foot multi-tenant office complex in Maitland, for $5.08 million. The Class-A complex is comprised of Lake Destiny Executive Center I and Lake Destiny Executive Center II, which are situated on Lake Destiny less than a mile from Interstate 4.
Joe Rossi, Managing Director of Investment Services for Colliers International Central Florida, represented the seller, The Three R Corporation.
“We are excited about this purchase, as it increases our ownership presence in the quickly recovering Maitland submarket,” said Albert Livingston, Director of Asset Management for TerraCap Management. “Once we complete several major capital improvement projects, Lake Destiny Executive Center will provide smaller office users with amenities that are not typically available to them, including a Class-A building with lake views in a prominent location with I-4 frontage, signage rights and covered parking.”
TerraCap Management is an alternative investment management company focused on deep-value real estate acquisitions in the Southeastern United States, with an emphasis on the Florida commercial property market. The firm seeks opportunities where demand is the highest and real estate assets are mispriced, overlooked or undervalued.
“Value-add deals like this have been very popular in the past,” said Rossi. “However, as the economy has rebounded, more and more office properties have been fully leased, making these deals fewer and farther between.”
TerraCap Management will make a significant investment in the property through enhancements to the common areas, restrooms, elevators, building signage, parking lot, landscape and exterior. Currently the property is 60% leased.
The Lake Destiny Executive Center is located at 1001-1101 N. Lake Destiny Road in Maitland, Fla.
About Colliers International Group Inc.
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