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

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. (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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