3 C. Fla. property sales close for combined $58.5M
Commercial real estate investors have snapped up several properties this summer, including a shopping center on the west side of Orlando, a Class A office building near The Mall at Millenia and a warehouse in the Orlando Central Park industrial park near The Florida Mall.
The three sales, which totaled $58.5 million in value according to Orange County public records, had buyers that include two large real estate firms plus an entity with ties to Brazilian companies. The sales also demonstrate that Orlando continues to draw plenty of investors with capital to the region, which could continue to attract more interest in the region from other investors hungry to buy real estate.
Here are more details on the sales:
Orlando-based PKY Millenia LLC, an affiliate of real estate investment trust Parkway Properties Inc. (NYSE: PKY), bought the 162,260-square-foot Millenia Park One office complex for $25.6 million on July 3 from Jacksonville-based MIL Owner LLC. This property is on the opposite side of Interstate 4 from the Millenia Lakes complex that sold this summer for $86.5 million. Michael Lerner, Mike Davis and Rick Brugge of Cushman & Wakefield of Florida Inc. represented the seller in the transaction.
Miami-based Highland Lakes Property LLC, an entity that includes several Brazilian investors, spent $21.5 million to buy the 268,681-square-foot Highland Lakes shopping center on West Colonial Drive and Hiawassee Road from Indianapolis-based Simon Property Group Inc.’s (NYSE: SPG) related Highland Lakes Center LLC on July 16. The center is anchored by tenants such as Ross Dress for Less.
CIR III – 1 REIT, an entity related to San Antonio, Texas-based USAA Real Estate Co., dropped $11.4 million on a 201,600-square-foot warehouse and distribution center at 7575 Chancellor Drive in southwest Orlando. The seller was 7575 Chancellor Drive Investors LLC, an entity related to Boston-based High Street Realty Co. LLC and the sale closed on Aug. 6.