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Orlando Office Property Trades for $28M
Crocker Partners has sold Maitland Lakes, a 174,000-square-foot mid-rise office building in Orlando, for $28 million. The buyer was Brightman-Gil Real Estate Investments.
Crocker acquired the property for $14.8 million in 2014. During its six-year hold, Crocker increased occupancy to over 91%. Building improvements included modernization of elevators, renovated lobbies, corridors and restrooms and a complete redesign of the café.
“We repositioned Maitland Lakes through a combination of amenities and cosmetic improvements that were well-received by our tenants. They in turn renewed their commitment to us, making it the right time to sell this stabilized asset given the strong Orlando fundamentals and interest from the capital markets,” said Angelo Bianco, managing partner of Crocker Partners. “Our team’s hands-on, consistent approach in implementing our value-add business plan produced a home-run result.”
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- ◦Sale/Acquisition
