Lexington prefers to focus on single-tenant real estate investments with long-term leases, and worked to maximize the Sea Harbor property's value in recent years after transitioning it over to multi-tenant. The recent sale has created liquidity for Lexington to invest in new single-tenant office properties, the company said via press statement.
The office building sold to Sea Harbor Property SPV, a Florida LLC created on May 13 that's an affiliate of Northridge Capital, a real estate asset management firm out of Washington, D.C.
Calls to Northridge Capital were not returned on Friday.
As part of the deal, Northridge also acquired a 1.07-acre, 46,500-square-foot parcel that lies directly north of the Sea Harbor Office Center with frontage on Westwood Boulevard, and west of the Doubletree Hilton at SeaWorld hotel. The parcel is currently vacant commercial.
While office employment is solid in the Orlando area, the current office vacancy rate is 16.5 percent, a figure more than twice that of industrial space, at 8.1 percent, as reported on May 27 by GrowthSpotter.