Orlando-based Equity Partners Inc. is further expanding its footprint in Orlando’s Central Florida Research Park.
According to a deed recorded this week in Orange County, the firm paid $9.75 million for a roughly 62,500-square-foot office/flex building at 2710 Discovery Dr., known as Discovery TechCenter II.
The deal breaks down to about $156 per square foot.
Michael Fess, president of Equity Partners, told GrowthSpotter the deal brings its portfolio in east Orlando to about 400,000 square feet across 11 buildings.
Through affiliate Discotequity, LLC, the firm picked up the building from two companies tied to Maitland-based Taurus Investment Holdings.
Taurus developed the building in 2008, after paying about $1.2 million for the land in 2004.
Equity Partners operates as a full service brokerage as well as a real estate development company.
Prior to closing on the property, Equity Partners handled leasing the office building. Fess said the company secured a long-term lease with Cole Engineering Services earlier this year for 60 percent of the building, bringing occupancy to 100 percent.
“[The building] was on the market for sale for several years, although the price was not attractive, Fess said. “As the existing leases were 12 months from expiring, the price became very competitive.”
Fess said the company specializes in targeting assets that contain leasing opportunities. The firm is in prepping for construction on a nearby 25,000-square-foot building, dubbed Discovery One. Fess said he expects to break ground later this summer.
In the last two years the firm has purchased three office properties within CFRP, where a number of defense and technology companies have offices in the area including Cisco Systems and Cubic Defense Systems.
Within the last three years, Equity Partners has developed another three buildings, including the 60,000-square-foot Science One building at 12900 Science Drive, which is leased by tech firm ServiceNow.
It’s entire portfolio is 100 percent leased, Fess said.