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IPA Arranges $29M Sale of Altamonte Springs Office Park
Institutional Property Advisors, a division of Marcus & Millichap, has brokered the $28.5 million sale of North Lake Business Park in Altamonte Springs. Douglas Mandel of IPA represented the seller, Real Capital Solutions, in the transaction. The buyer was Boston-based real estate private equity firm Taurus Investment Holdings.
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. At the time of the sale, the property was 90% leased to a mix of technology, real estate and healthcare tenants. The property is nearby downtown Orlando as well as the Altamonte Springs SunRail station.
“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 Merrigan, CEO at 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.”
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- ◦Sale/Acquisition
