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Lincoln Property snaps up massive and nearly empty office park near Mall at Millenia

The roughly 27-acre property includes a three-building office campus, about 3 acres of vacant land with multifamily usage and a 5-acre parcel with a small 3,320-square-foot retail building.
The roughly 27-acre property includes a three-building office campus, about 3 acres of vacant land with multifamily usage and a 5-acre parcel with a small 3,320-square-foot retail building. (Orange County Property Appraiser/GrowthSpotter)

Lincoln Property Company just picked up Cubic Corp.'s roughly 400,000-square-foot office park near Mall at Millenia for $11 million.

Rhys Williams, vice president and treasurer at Cubic Corp. told GrowthSpotter the deal is part of a relocation plan to bring its employees to a smaller “more modern” office space. The contract gives the firm about a year to relocate, he adds.

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Cubic Corp. plans to leave behind its roughly 50,000-square-foot space at the property, which houses its Simulation Systems Division and Cubic Advanced Learning Solutions divisions.

Produce market, Economy Farmers Market, occupies a 3,320-square-foot building on the roughly 27-acre property at 2001 W. Oak Ridge Rd. — meaning the assortment of properties was about 86 percent vacant when it traded hands.

Both companies inked short-term lease deals with Lincoln Property Company as part of the deal. Williams said he believes the farmers market is also in the process of exiting.

The three-building office campus has been under the control of Cubic Corp. since 2003, when it acquired Orlando-based training systems provider ECC International Corp. in a deal valued at more than $42 million.

Emails and calls to multiple representatives at Lincoln Property Company were not immediately returned.

The off-market deal gives the company reign over a large chunk of land and ample supply of value-add commercial space that may be renovated or re-purposed.

The 27-acre property also consists of about 3 acres of vacant land toward the end which features multifamily usage, and a nearly 5-acre parcel that fronts West Oak Ridge Road that currently houses the farmers market.

A couple of single-family residences lie between some of Lincoln Property’s newly acquired vacant lots.

The seller specializes in military simulation and training equipment manufacturing. It also has a presence within Orlando’s Central Florida Research Park.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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