A Private Buyer Acquired the Office Portfolio from Liberty Property Trust
ORLANDO, FL, January 22, 2019 — Cushman & Wakefield has negotiated the sale of a three-building office portfolio totaling 150,751 square feet in Orlando’s LeeVista Center.
The Cushman & Wakefield Capital Markets team of Michael Lerner, Mike Davis, Rick Brugge and Rick Colon represented Wayne, PA-based Liberty Property Trust in the disposition. A private family office acquired the assets for $23.4 million ($155 per square foot).
“This acquisition provides the new owner with a well-located office portfolio just minutes from Orlando International Airport in one of Orlando’s most dynamic submarkets,” said Lerner. “The portfolio is also 100 percent leased to high-quality tenants with long histories of renewal, providing a secure income stream going forward.”
The portfolio comprises three office buildings developed on two sites totaling ±20.7 acres at 6200 Lee Vista Blvd. and 6923-6989 Lee Vista Blvd.
6200 Lee Vista Boulevard is a one-story, 52,619-square-foot, multi-tenant office building developed in 2004.
6923 Lee Vista Boulevard is a one-story, 30,000-square-foot single-tenant office building constructed in 2007.
6989 Lee Vista Boulevard is a two-story, 68,132-square-foot single-tenant office building developed 2003.
LeeVista Center is a mixed-use business park in Southeast Orlando featuring 1.1 million square feet of office, distribution and industrial space; 3,000 multifamily units; and 2,100 hotel rooms. The park has further entitlements for 1.1 million square feet of industrial, 1.4 million square feet of office and 700,000 square feet of retail. Remaining development sites range from one to 200 acres with uses including hotel, restaurant, retail, office, industrial, manufacturing, warehousing, assembly as well as apartments and townhomes.
The buildings are situated just north of Orlando International Airport. This location also provides exceptional access to The Beach Line Expressway (State Road 528), The Central Florida Greeneway (State Road 417) and Florida’s Turnpike.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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