Located at 2301 Lucien Way, the Maitland Colonnades building features more than 260,000 square feet of leasable area over four stories. Set on 14 acres just off Interstate 4 and Maitland Boulevard in the expansive office park, the building was built in 1986.
Lincoln Property Co. has been retained as property manager through the ownership transition, but Tower Realty and TriGate have yet to make a long-term property manager choice.
The purchase follows TriGate and Tower Realty's joint acquisition in October 2015 of three office buildings in Maitland, which included the Maitland Green I and II buildings (totaling 194,700 SF) and the Southpoint Executive Center (137,000 SF) for a combined $35.6 million.
Tower Realty now owns and/or manages eight buildings in Maitland, per a portfolio summary on its website.
The seller was an affiliate of Boston-based Colony Realty Partners, which previously paid $51 million in June 2007.
Acquisitions managers with all three companies did not respond to requests for comment on Monday.
Maitland Colonnades is the third office property to sell this month in the office hub around Maitland Boulevard and I-4, following a $22.29 million purchase on June 2 of two buildings by Colorado-based Real Capital Solutions.
The Maitland Center submarket is arguably the top value-add investment area within Greater Orlando's office market over the past year.
With more than 6.77 million square feet across 98 buildings, Maitland Center had a 10.2 percent vacancy rate at the end of the first quarter, on the higher end of 11 submarkets tracked by Cite Partners in its latest office market report.
But its average rental rate of $18.65 per square foot is in the lower half of those submarkets, and Maitland Center has led all in year-to-date absorption with 275,635 square feet, per the report.
TriGate Capital recently sold a retail strip center on Kissimmee's W192 tourism corridor for $4 million in late May.