Owens Realty Capital has secured two Class A office buildings in Baldwin Park, completing the portfolio purchase initiated two years ago in the mixed-use district.
The Orlando-based investment management firm paid $13 million on Friday for the buildings known as Baldwin I and Baldwin II, both on the 4700 block of New Broad Street. ORC previously paid $8.5 million for Baldwin III.
"Baldwin Park is one of the most prestigious live-work-play communities in Orlando, and the project has been pretty much built out," CEO Bob Owens said. "We think the ratio of office to residential and commercial is advantageous to us, and we're cornering the downtown main-street market, so to speak."
It's across the street from the last large undeveloped lot in Baldwin Park Village, which was sold earlier this year to an affiliate of Miami developer Alex Vadia.
Vadia's Midtown Development filed a Master Plan on Aug. 14 with the City of Orlando for a new 7-story, 122-unit apartment building with 4,512 square feet of ground-floor retail.
The Baldwin Park office trio have a combined 109,288 square feet, with a 95 percent occupancy rate and steadily increasing rental rates.
Chris Travis and Ray Turchi in Marcus & Millichap's Orlando office, had the exclusive listing to market the property on behalf of the seller
ORC has now acquired more than $160 million in real estate in Central Florida, including 16 assets in Orange County. Owens said the firm is currently under contract for properties in Lake Mary, Maitland and Palm Beach.
"Our strategy is really looking for first-class properites in mature markets," Owens said. "We don't want to gamble with projects on the outskirts of town. Our investments in Winter Park and Baldwin Park are mature and highly desirable addresses."