Orlando real estate group sells Lake Mary office building to Philadelphia company for $15M
By Mike Salinero
May 14, 2019 at 2:53 PM
Orlando-based Tower Realty Partners sold a three-story office building on Lake Emma Road in Lake Mary for $15 million, according to a deed signed May 6 and filed a day later in Seminole County.
The buyer was Exeter Property Group, a Philadelphia-area real estate investment management firm. Exeter managers could not be reached for comment.
Known as Contact Pointe, the nearly 93,000-square-foot building is located on 25 acres in the southwest corner of the Lake Emma Road-Exchange Place intersection. It was one of two buildings at that location that Tower Realty bought as a package for $12 million in 2013, according to Reid Berman, a Tower Realty principal.
Berman said Tower renovated the other building and sold it to the Kroger supermarket chain three years ago for $18 million. Kroger bought the 156,000-square-foot building to house its pharmaceutical division.
Tower Realty did the same thing with Contact Pointe, upgrading the 23-year-old building from class B to A-minus, Berman said. Tower was able to add parking spaces by repurposing parts of the stormwater drainage and retention system, which Berman said were "over-engineered."
"We bought a $12 million, poorly-leased, two-building project from the lender, and we were able to re-lease the space and renovate," he told GrowthSpotter. "It fit our business strategy of buying valued-added properties and we executed very well for these assets."
Berman said the building is fully leased and used as a contact center, similar to a call center but with more services.
Berman and Cliff Stein founded Tower Realty Partners in 1987. Since that time, Tower has been involved in the acquisition, leasing and management of more than 20 million square feet of real estate, totaling in excess of $1.6 billion in transactions, according to its website.
Berman said the company currently owns or co-owns about 5 million square feet in the Orlando and Tampa-St. Petersburg office markets, including the Regions Bank and Fairwinds Credit Union office buildings in Orlando, and the Maitland Colonnades at the Maitland Center.