Crocker Partners Sells Maitland Lakes For Over $28 Million After Successful Repositioning
ORLANDO, Fla., Feb. 18, 2020 /PRNewswire/ -- Crocker Partners announced the sale of Maitland Lakes, a 174,000 square foot mid-rise office building, to Brightman-Gil Real Estate Investments for more than $28 million. Crocker acquired the asset in 2014 for $14.8 million, increasing price per foot by almost 90% with the sale and setting a high-water mark for an office asset of this vintage. CBRE's Ron Rogg represented Crocker in the transaction.
"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."
During their six-year hold, Crocker increased occupancy to over 91 percent, leaving the new buyers with a high credit tenant mix, such as Wiley and Sprint, with an average lease term in excess of 5 years. Building improvements included modernization of elevators, renovated lobbies, corridors and restrooms, and a complete redesign of the café.
This transaction comes on the heels of an active year for Crocker in Orlando, during which time they also sold University Office Park, after completing an extensive renovation and stabilizing the rent roll, and acquired Resource Square I & III. Josh Edwards, Senior Vice President at Crocker, who oversees the North and Central Florida markets, led these recent transactions.
ABOUT CROCKER PARTNERS
Active in the commercial real estate business for over 35 years, Crocker Partners has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States. Since 1986, Crocker Partners has acquired and managed over 154 properties, totaling 45.9 million square feet and representing $5.4 billion invested. They are currently Florida's largest office landlord and rank 39th largest in the United States. Headquartered in Boca Raton, Florida, they have regional offices in Miami, Jacksonville, and Atlanta.
Media contact: Giana Pacinelli, 561-537-4565, [email protected]
SOURCE Crocker Partners
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