Celebration Place Office Building in Celebration, FL Sells for $25.7 Million

200 Celebration Place, Celebration, FL

Douglas K. Mandel

CELEBRATION, FL,  May 16, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 200 Celebration Place, a nine-story, 166,131-square-foot office building fully leased to Walt Disney Parks and Resorts U.S. Inc. in Celebration, Fla.

The $25,700,000 sales price equates to $155 per square foot.

            Douglas K. Mandel, a first vice president investments in Marcus & Millichap’s Fort Lauderdale office, and Ray Turchi, a senior associate in the firm’s Orlando office, represented the buyer and seller, both of which are institutions.

            “The asset is part of a complex of office buildings all built to suit for the Walt Disney World Co. in 1995,” says Mandel. “The triple-net lease on this building runs through June 2017.”

            “The building is a high-quality investment property with stable income that is leased to one of the most successful and recognizable companies in the world,” adds Turchi.

Ray Turchi

             The property is located five minutes from the entrance to the Walt Disney World Resort, just west of the intersection Celebration Avenue and Celebration Place in Celebration, Fla., 25 minutes south of downtown Orlando.

             The 200 Celebration Place office building was constructed primarily of reinforced and post-tensioned concrete. 

The facades feature bands of clear or green insulated glass separated by cast-in-place concrete spandrels or painted aluminum panels. 

Entry facades and other wall sections consist of red Agra sandstone over a concrete masonry unit substrate and architectural concrete tilt-wall panels. 

On the inside, the entrance corridor and elevator lobby areas have marble floor coverings and some of the lobby areas have Disney-themed artwork painted on the walls.

            There are 594 parking spaces. All the landscaped areas are irrigated with a multi-zone sprinkler system controlled by timers and supplied with reclaimed water provided by the Kissimmee Utility Authority. Celebration, Fla. was designed and built by the Walt Disney Co. Walt Disney Parks and Resorts, U.S. Inc. is a subsidiary of Walt Disney World Co.

  

For a complete copy of the company’s news release, please contact:

Gina Relva

Public Relations Manager

(925) 953-1716