A Colorado Springs-based investor just bought a trio of office buildings in Maitland — marking the second time the portfolio has sold in a little over a year.
Concourse LLC, an entity led by real estate developer and investor James Warmack, paid $22 million to acquire the assets. Parkway Property Investments, initially purchased the low-rise office buildings last year for $16 million, meaning the most recent transaction reflects an increase in value by about 37.5 percent in nearly 15 months.
In a previous interview with GrowthSpotter, Parkway CEO Jim Heistand said the firm planned to inject $1 million immediately after the sale to improve the exteriors, lobbies and common spaces of the buildings. He also said the firm planned on making its workspaces “a little more unique and creative.”
The low-rise office buildings sit directly across the 65-acre Trelago mixed-use project at 800, 850 and 875 Concourse Parkway South. Each features just over 45,000 square feet of leasable space and were built between 1999 and 2002.
Heistand said the occupancy rate was over 90 percent for all three when they purchased the portfolio in 2018.
It was originally owned and developed by Trelago master-planner Battaglia Group, which is working with Miami-based Related Group in overseeing the build-out of Trelago. It completed a 350-unit luxury apartment community within the mixed-use development earlier this summer.
Foundry Commercial is contracted to develop the proposed Shoppes at Trelago commercial center at 1070 Maitland Boulevard. Under the current allowances, Foundry can develop a combined 150,000 square feet of commercial space, including retail and restaurant uses, with no more than 30,000 square feet dedicated to office use.
In February, GrowthSpotter reported that Jacksonville-based Vestcor Companies paid $3.25 million for about six acres of land within the Trelago property with plans to develop an assisted-living facility.
Parkway is the successor to Parkway Properties and Atlanta-based Cousins Properties, which merged in 2016 and last year divested of its three largest Orlando office assets.