Liberty Property Trust just sold a $23.4 milion office portfolio in Orange County's Lee Vista submarket to a fund that invests on behalf of Tony James - the vice chairman of one of the world's largest private equity firms, Blackstone Group.
According to a deed recorded today in Orange County, Jefferson River Capital, led by Bill Helm, bought two single-story office buildings and one two-story office building at 6200, 6923 and 6989 Lee Vista Blvd.
Altogether the portfolio houses about 150,750 square feet of office space, meaning the deal breaks down to about $155 per square foot.
Cushman & Wakefield represented the seller. The deal falls inline with Liberty's strategy to exit the suburban office market. In an earnings call last year, Liberty's CEO Bill Hankowsky announced the company will be selling off its remaining non-industrial assets.
Liberty bought the portfolio along with additional property including an 84,650-square-foot warehouse nearby at 7101 TPC Dr. in 2006 for $32.8 million. Liberty remains the owner of the building, which is leased to Southern Glazer’s Wine & Spirits, the largest wine and spirits distributor in the United States.
The two-story building that Jefferson River Capital bought at 6989 Lee Vista Blvd. is leased entirely to the aviation simulator training facility, Simcom Inc., while the the single-story building at 6923 is fully leased to AcariaHealth. The office 51,500-square-foot office building at 6200 Lee Vista Blvd. is fully leased to seven tenants including DR Horton Homebuilders.
In addition to being in close proximity to Orlando International Airport, the portfolio is within two miles of the Martin Andersen Beachline Expressway and the Central Florida Greeneway.
In August, Bloomberg reported James had hired Helm to head his real estate investments at Jefferson River Capital. The family office focuses on multifamily, industrial and office properties in the Northeast and Southeast. James’ wealth is estimated at $2.5 billion, according to Bloomberg.
In 2017, Blackstone made a splash in Downtown Orlando's real estate market when it paid $105 million for 55 West, the 33-story, mixed-use tower at 55 W. Church St., and Church Street Market.