Darryl Hoffman, executive vice president at JLL, represented the seller. He told GrowthSpotter the buyers are interested in occupying the space as a single-user.
“The price is in-line with pre-covid pricing, because the single-user, owner-occupied type of sales are not experiencing much disruption” Hoffman said.
“[Single-user office deals] tend to be well-priced assets that typically sell between $1 million to $10 million... It’s less of an investment deal, though still an investment, because when folks buy them they tend to use the office space for the long-term.”
Hoffman said the deal demonstrates how local businesses can lead the region in a post-COVID-19 economy.
The property is located in Orlando’s Baldwin Park and stands-out in the area as one of the only 100 percent fee simple parcels. Features of the two-floor office building include dedicated parking spaces and proximity to several retailers and restaurants.
Some of the first buildings in Orlando’s Baldwin Park neighborhood broke ground in 2003. Over the years, the community has grown into urban, sub-urban neighborhood full of restaurants, coffee shops and recreational space.
Records show Cuhaci & Peterson bought the 1.3-acre lot in 2005 for $566,900. It was completed about a year later. Hoffman said the office sold with features like exposed ceilings and lounging areas.
Earlier this year, a value-add fund managed by Boston-based investment firm TA Realty bought the Enders Place at Baldwin Park apartment community for $53.15 million.