The eight-story, 358,000-square-foot Sea Harbor Office Center near SeaWorld sold for $64.7 million earlier this month to a Washington, D.C.-based asset management firm.
Located at 6277 Sea Harbor Dr., the property was sold on June 5 by NewKirk Skoob L P, an affiliate of New York-based Lexington Realty Trust.
Built in 1984 and leased to a single tenant for 25 years, the building lost that tenant in 2009, prompting Lexington to redevelop the property and lease it to several tenants.
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.
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