Orlando-based Cuhaci & Peterson Architects and Engineers just sold its Orlando headquarters building in Baldwin Park for $5.9 million.
The deal for the two-story, 20,604-square-foot office building at 1925 Prospect Ave. breaks down to about $286 per square foot.
According to a press release, the selling of the property was part of an effort by Cuhaci & Peterson to consolidate its offices in Central Florida.
A deed recorded in Orange County earlier this week shows Baldwin Oak LLC is the buyer. The company is led by executives at the family-owned, construction solutions company Carroll Bradford.
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.