A company tied to Boca Raton-based IP Capital Partners just paid about $67.35 million for a five-building office portfolio near the University of Central Florida.
The deal gives the private real estate investment and management firm a massive footprint within Orlando’s Quadrangle Business Park, where corporations like the German engineering and manufacturing giant Siemens Corporation has several of its headquarter offices.
Encompassing five buildings on the northeast corner of Rouse Road and University Boulevard, the portfolio sale consists of a total of about 404,605 square feet of office space — meaning the trade breaks down to about $166.5 per square foot.
According to a mortgage document recorded in Orange County, IP Capital Partners financed the deal with a $49.55 million loan from Birmingham, Alabama-based BBVA Compass, which is a subsidiary of the Spanish multinational Banco Bilbao Vizcaya Argentaria.
Crocker Partners, another Boca Raton-based commercial real estate firm, is the seller. In Florida, it’s known for its high volume of value-add office investments.
Through 2014 to 2017, Crocker Partners invested $807 million in office assets, eventually earning the title of Florida’s largest office landlord, according to its website. Nationwide, the firm operates approximately 11 million square feet of office space.
The office portfolio, dubbed University Park, includes buildings built between 1988 and 2001. Tenants include global tech firm Sabre, Newport Private Jet Charter, the Seminole Security Administration, the Georgia Tech Research Institute and the DiSTI Corporation.
Other companies with a presence in the area include Cisco Systems and Cubic Defense Systems.
Orlando’s Quadrangle Business Park and the nearby Central Florida Research Park have long established themselves as hubs for defense and technology companies, and investors are taking notice.
Just this week, Orlando-based Equity Partners Inc. bought its eleventh property in CFRP. The firm paid $9.75 million for the nearby Discovery TechCenter II office/flex buildings at 2710 Discovery Dr., just shortly after cementing a long-term lease with Cole Engineering Services.
In April, Real Capital Solutions bought a nearby 226,548-square-foot office building for $53.73 million. The building, known as Siemens Quad III, is fully occupied by Siemens Energy, Inc.