Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of North Lake Business Park in Altamonte Springs.
The property sold for $28.5 million.
“North Lake Business Park’s diverse mixture of regional and national tenants provides new ownership with long-term cash-flow security and the variety of building types, units and loading options offer considerable flexibility and excellent potential upside,” said Douglas K. Mandel, IPA executive managing director.
Mandel represented the seller, Real Capital Solutions, and procured the buyer, Taurus Investment Holdings, LLC, a global real estate private equity firm headquartered in Boston, Massachusetts.
“Taurus has been investing in the Orlando office market for over 25 years and maintains strong confidence in its resiliency and future growth potential,” said Peter A. Merrigan, CEO of Taurus Investment Holdings. “We found the Northlake acquisition particularly attractive due to its location and the tenants’ ability to completely control their employee and client environments.”
A 10-minute drive from Downtown Orlando, the property has a half-mile of frontage on Orlando’s most-traveled thoroughfare, Interstate 4. The Altamonte Springs SunRail station is three miles from the property, State Road 436/Altamonte Drive is less than a mile away, and the area’s largest retail complex, the Altamonte Mall, is close by. Constructed between 1982 and 1987 on 29 acres, the 15-building, 270,000-square-foot business park is approximately 75% office space and 25% air-conditioned warehousing. The average unit size is 5,000 square feet. At the time of the sale, the property was 90% leased to a mix of technology, real estate and healthcare tenants.