A partnership of Brazilian private investors paid $23.6 million this week for a trio of value-add office buildings in Maitland and Casselberry, totaling more than 283,000 square feet.
The sales closed on Feb. 28 and were recorded Friday morning in Orange County. The buyer paid more than $18.7 million for two of the buildings that lie within the vast Maitland Center Office Park.
Close to $9.2 million was designated as spent for the 2400 Maitland Center Parkway building, which features 101,694 square feet of conditioned area over three stories, dating to 1983.
More than $9.5 million was also paid for the 500 Winderley Place building next door, which has 102,480 square feet over three stories, built in 1985.
The third building acquired was the Interlachen Corporate Center in Casselberry, located at 1211 Semoran Blvd. with 79,560 square feet of leasable space. That deed had yet to be recorded in Seminole County, but allocated value is likely near $4.9 million.
The buyer was Orlando Collection Offices LLC, a North Miami Beach-based investment vehicle that is being managed by Rory Williams, president and CEO of Orlando-based Realty Capital Advisors.
No other individual members of that partnership are named on state records. But the group also bought another office building in November, and that entity is managed by Williams and three Brazilian investors.
One of the three is Armando Couri Filho, a director with Carmo Couri Engenharia E Construções Ltda., a Brazilian developer and general contractor.
Williams said Friday the partnership is made up of private equity investors and high-net worth individuals that he represents, who have been investing in Florida for a while.
"We had made an off-market offer on this last summer but they weren't ready to sell. When it came to market in November we were diligent in getting it under contract," Williams told GrowthSpotter. "There's a strong value-add opportunity, the buildings average about (75 percent) occupancy now. We have a capital budget that will include common area upgrades, restrooms, landscaping and more, as well as dollars for tenant improvements and leasing commissions."
Realty Capital has been hired by the buyer as property manager and leasing broker for the three new assets, Williams said.
These Brazilian investors previously paid $5.25 million in November for another 50,000-square-foot office building in Maitland, at 341 N. Maitland Ave.
The sellers this week were affiliates of Miami-based America's Capital Partners, which previously paid $13.8 million for the 2400 Maitland building and $12.9 million for the 500 Winderley building in 2007.
Wiley S. Boston of Holland & Knight LLP in Orlando provided legal services to the buyer. Ron Rogg and Chip Wooten of CBRE marketed the portfolio for the sellers, and Lee Wheeler of Realty Capital represented the buyer.
Zac Brumbaugh of CBRE's capital markets debt and structured finance team in Orlando arranged a fully non-recourse, five-year term loan of $18.13 million for the buyer from Florida Community Bank to help finance the portfolio purchase.