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| Resource Square One and Three, Orlando, FL |
MIAMI, FL – – Holliday
Fenoglio Fowler, L.P. (HFF) announces the $39.19 million sale of Resource
Square One and Three, a two-building, Class A office portfolio totaling
244,549 square feet in Orlando, Florida.
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| Hermen Rodriguez |
The HFF team represented the seller, an affiliate of Banyan Street
Capital and funds managed by Oaktree Capital Management, L.P., and procured the
buyer, an affiliate of TerraCap Management, LLC. The asset was sold free
and clear of financing.
The properties are located at 13501 Ingenuity Drive and 12001
Research Parkway within Orlando’s Central Florida Research Park, the largest
research park in Florida.
Adjacent to the University of Central Florida,
One and Three Resource Park have easy access to downtown Orlando, Orlando
International Airport, Universal Orlando Park and Waterford Lakes Town Center,
which offers more than 1.9 million square feet of retail and restaurant
amenities.
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| Ike Ojala |
Resource Square One is a three-story
building with 91,667 square feet built in 1999 and Resource Square Three has
152,882 square feet within a five-story building built in 2003. Overall,
the portfolio is 84.9 percent leased to tenants, including General Dynamics,
AVNET, Cisco Systems and Raytheon.
The HFF investment advisory team representing the seller included
senior managing director Hermen Rodriguez, senior director Ike Ojala
and directors Tracey Goo and Anthony Frogameni.
“The exceptionally strong credit tenancy, sought-after Central
Florida Research Park location and highest quality buildings in the market
attracted a strong response from a variety of investors,” Rodriguez said.
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| Tracey Goo |
“Resource Square I and III are best-in-class properties with a
strong rent roll of existing tenants,” said Albert Livingston, partner
and director of Asset Management at TerraCap. “Our investors should
benefit in the coming years from a tightening market due to expanding tenant
presence in the CFRP and limited new construction.”
 |
| Albert Livingston |
Oaktree is a leader among global investment managers
specializing in alternative investments, with $121 billion in assets under
management as of March 31, 2018.
The
firm emphasizes an opportunistic, value-oriented and risk-controlled approach
to investments in distressed debt, corporate debt (including high yield debt
and senior loans), control investing, convertible securities, real estate and
listed equities.
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| Stephen Good |
TerraCap Management, LLC considers thematic factors such as
business formation, employment growth and population growth on a
market-by-market basis, as most metros and submarkets have different
economic-based industries and therefore move through their economic cycles
differently.
TerraCap
makes moderate strategic overweighting or underweighting to markets, depending
on the specific economic drivers influencing supply and demand. The
investment manager has been in operation since 2008 with offices located in
Estero, Florida, Tampa, Florida, and the Atlanta, Georgia, metro area.
As operators, TerraCap believes it can make
decisions more efficiently while leveraging expertise from property to
property. More information about TerraCap Management is available at http://www.terracapmgmt.com.
For more
information, please contact:
KRISTEN MURPHY
HFF Director, Public Relations
(617) 338-0990
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