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.
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.