ORLANDO, FL (July 10, 2009) – Orlando-based Smith Equities Real Estate Investment Advisors recently represented the Seller on the sale of thebuilding in Orlando Central Park known as the 7200 Building (top right photo).
The Seller was Orlando Central Park Tarragon II and the Buyer was JCQ Investments, LLC.
The price was $2,800,000 or $39.75 per AC SF ($43.65/SF Rentable).
The office building was 64% vacant at the time of sale and was sold out of bankruptcy court. According to Robert Smith (middle left photo).
“This building represented a unique challenge to sell since the Orlando Central Park submarket will have a lot of additional vacant space when Darden moves into their new headquarters later this year." It offers a great value for small companies who want to save money and take advantage of the low rental rates that they are offering to lease the building up quickly.”
The new owner has began upgrading the building with a new security alarm system, security cameras (inside and out) and plans on upgrading the commons areas.
During the first two weeks of ownership they leased 1,900 SF to Time Share Networking, 700 SF to Brand Energy, and 1,500 SF to Time Bandit. Rates are very competitive and start at $12.00 per SF.
Although Smith Equities is well known as experts in selling apartment buildings, this is the second distressed office building its founder, Robert E. Smith, CCIM has closed in 2009 representing over 101,000 SF of office space.
“As workout specialists, we have developed an understanding of the dynamics of selling a distressed, near empty building in foreclosure/Chapter 11 and have worked through the intricacies of dealing with the courts, the lenders, and the myriad complicated documents.”
For more information, please contact:
Robert E. Smith, CCIM, 407.422.0704, ext. 101, rsmith@smitheq.com
Whitney Groves Apartments consists of (48) Efficiencies averaging 318 SF, 24 one bedroom one bath units averaging 520 SF and (24) two bedroom one bath units averaging 960 SF.
