Tuesday, June 5, 2018

HFF announces $39.19M sale of Resource Square One and Three in Orlando, FL

  
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.

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.

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.

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
Steve Good, partner and director of Acquisitions at TerraCap, added “We are strong believers in Orlando, so we’re excited for the opportunity to add these properties to our growing southeast portfolio.”

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.

Stephen Good
  Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide.  For additional information, please visit Oaktree’s website athttps://www.oaktreecapital.com/.

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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