Primera Towers Portfolio Trades for $130M

Parmenter Realty Partners struck a deal with an ownership venture to acquire the 771,826-square-foot Primera Towers, a five-building, Class A office portfolio in Lake Mary, FL. The seller received $130 million from the transaction.

Cushman & Wakefield’s Mike Davis, Michael Lerner and Rick Brugge represented the seller. The former ownership group was a venture between Miami, FL-based Banyan Street Capital, Oaktree Capital Management of Los Angeles, and Balandis AG, headquartered in Munich.

Primera Towers is situated on 50 acres at 605-615 Crescent Executive Ct. and 255-300 Primera Blvd. The mid-rise buildings delivered between 1997 and 2000, with the portfolio 88% leased to tenants including Blue Cross & Blue Shield, Liberty Mutual, Paylocity, D+H, Dixon Ticonderoga and HNTB.

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