Pacer Partners, a boutique real estate firm with offices in New York and Boston, paid $28 million this week for a pair of Class A office buildings in Orlando's SouthPark Center.
Located at 700 and 800 SouthPark Center and totaling 151,479 square feet, the properties are fully leased to a diverse group of tenants, including Catamaran (a subsidiary of UnitedHealth Group), Walgreens and Banco de Brasil.
The 162-acre, master-planned business park was developed between 1998 and 2009, and the 700 and 800 buildings are among the newest, built between 2007 and 2008.
Michael Lerner, Mike Davis, Rick Brugge of Cushman & Wakefield’s Capital Markets team represented the seller, AEW Capital Management, in the transaction. AEW had acquired the property as part of an eight-building portfolio deal in 2014.
"SouthPark Center is one of Orlando's premier suburban office parks,” Lerner said. “The high parking ratio at the 700 and 800 buildings is extremely rare and provides a competitive leasing advantage particularly for larger call center operations."
Pacer secured $37.5 million in financing from Reinsurance Group of America.
The new owners will retain Lincoln Property Co. as the property manager, according to Damien Madsen, senior vice president of brokerage services for Lincoln.
"Most people will say that SouthPark Center historically has been one of the most successful business parks in Central Florida," Madsen told GrowthSpotter. "Even during the downturn, it stayed mostly occupied. The tenants really like the quality of the buildings, the large floorplates and ample parking."