New York investor buys quintet of office buildings on I-4 for $57.9M

Bill Zimmerman

An affiliate of Innovatus Capital Partners has purchased the Westwood Corporate Center office complex with 343,331 square feet in five buildings between SeaWorld and Interstate 4.

The properties listed in Orange County records on 21 acres at 6700 Forum Drive and 6649 Westwood Blvd. sold for a recorded $57.9 million. Two five-story office midrises stand alongside three single-story office buildings and a four-story parking garage.

In total the properties are 97 percent leased, with Marriott Vacations Worldwide the largest of 25 tenants. Built from 1988 to 2000, according to county records, the properties were sold by an affiliate of Toronto-based Manulife Financial Corp.

“Since 2007, Orlando has experienced tremendous infrastructure improvements and is well-positioned to continue the extraordinary population and job growth of the last five years,” said Bradley Seiden, managing director at Innovatus, in a statement.

Lincoln Property Co. will handle leasing and property management at Westwood Corporate Center, where Innovatus says the trio of 1-story buildings offer long-term development potential.

New York-based Innovatus says it holds $275 million worth of commercial real estate among its $1.6 billion assets. focuses on Class A office space set in suburban areas, as well as other investments, while prizing growth opportunities with potential for capital preservation and income generation whether distressed or disruptive.

A few miles to the north, a pair of office properties in Orlando’s Millenia area with Interstate 4 frontage and three buildings sold earlier this month for a recorded $92,150,000 in total. The properties at 4700 Millenia Blvd. and 5323 Millenia Lakes Blvd. had been owned by an affiliate of Barings Real Estate Advisers and were purchased by an affiliate of Starwood Property Trust.

Last fall, a South Florida investor paid $16.7 million for two stabilized office buildings on Chancellor Drive east of the tourism corridor, with 183,865 square feet of conditioned space on approximately 16 acres. 

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