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TerraCap Management LLC, a privately held investment firm with its headquarters in Naples, FL, announced the sale of Orlando International Business Center (OIBC) in Orlando, FL.
Albert Livingston, TerraCap Partner and National Director of Asset Management, said in a statement, “OIBC is the second Orlando flex/industrial property we have exited this year. During our relatively short hold period, we repositioned the asset to provide users with a premier option for this submarket and product type. This aided the exceptional leasing efforts of John Pietkiewicz, with Foundry Commercial, to exceed our rate, renewal, and occupancy expectations.”
Orlando International Business Center is comprised of six single-story flex/industrial buildings totaling 196,000 square feet. The property is well-located, with access to State Roads 528 and 417 and is located less than five miles from Orlando International Airport. The property is also only one mile from Lee Vista Promenade, a mixed-use development with over 700,000 square feet of retail.
“OIBC’s performance follows our investment thesis of acquiring strategically-located properties in growing/supply constrained markets, and to this end we have implemented this flex/industrial repositioning business plan in several markets across our portfolio footprint,” said Steve Good, TerraCap Partner and National Director of Acquisitions. “Average new and renewal lease rates for this product have provided significant increases from initial in-place rates due to more non-traditional office space needs and increased demand for assembly/distribution space. Our interest in adding this product type to our portfolio is expected to continue into 2023.”
Ron Rogg of CBRE-Orlando represented TerraCap in the sale transaction. Foundry Commercial LLC represented TerraCap on the leasing assignment, and Harvard Pacific was hired as property manager.