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| 100 East Pine Street Office Building, Downtown Orlando, FL |
FLORHAM PARK, NJ –– Holliday
Fenoglio Fowler, L.P. (HFF) announces the $10.6 million refinancing of 100
East Pine Street, an 80,036-square-foot office property in Orlando,
Florida.
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| Michael Klein |
The HFF team worked on behalf of the borrower,
Denholtz Associates, to secure the five-year, fixed-rate loan through JCR
Capital.
100 East Pine Street is located at the cross
streets of East Pine Street and Magnolia Avenue in downtown Orlando. This
location has easy access to Interstate 4 and State Route 408 and offers an
abundance of retail, dining and entertainment options within walking
distance.
The six-story office building was most recently
renovated in 2017 and features typical floor plates of 13,500 square feet and
9,776 square feet of ground floor retail. Currently 94 percent leased,
tenants at the property include Protean Design Group, Venture X, DLR Group,
Inc. and Cite Partners, among others.
The HFF debt placement team representing the
borrower included managing director Michael Klein, senior managing
director Michael Weinberg and managing director Rebecca Van Reken.
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| Rebecca Van Reken |
“HFF is pleased to have helped Denholtz
Associates with 100 E, Pine Street for the second time, having secured
acquisition financing for the property in 2015,” said Klein. “The
borrower did a great job executing its business plan for the property through
an extensive renovation to the building’s lobby and common areas, gut
renovating vacant suites and taking occupancy from 48% at acquisition to a 94%
leased building today.”
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| Michael Weinberg |
“Denholtz’ successful lease-up of this asset is
a prime example of the attractive fundamentals within the downtown Orlando
office market – nation-leading job growth has generated increased corporate
demand, driving office vacancy rates to below 9 percent for the first time in
over a decade,” added Van Reken.
Currently celebrating their 65th anniversary,
Denholtz Associates is a privately held, fully integrated real estate
development, investment and management company.
Denholtz Associates
actively targets multi-tenant office and industrial properties in select
markets to diversify risk and provide maximum returns for its capital
partners. Utilizing its substantial in-house operational capabilities and
extensive knowledge of targeted locations, Denholtz capitalizes on unique
opportunities in the marketplace.
For more information, please contact:
KRISTEN MURPHY
HFF Director, Public Relations
(617) 848-1572
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