Franklin Street Arranges $11M Sale Of Mixed-Use Multifamily Property In Orlando
Norfolk, Virginia-based Cohen Investment Group sold the property to South Florida-based Terra Equity Group.
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Norfolk, Virginia-based Cohen Investment Group sold the property to South Florida-based Terra Equity Group.
Salim Valiani, an investment specialist in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller.
On the selling end were four different entities registered to New York-based Blackstone Inc. subsidiaries in New York and Chicago. All five sales took place Feb. 17.
Drew A. Kristol and Kirk D. Olson, investment specialists in Marcus & Millichap’s Miami office, had the exclusive listing to market the property on behalf of the seller, Miami-based CF Properties.
The property traded above its initial pricing guidance, reinforcing an unyielding investor appetite for Central Florida multifamily.
The buildings, built between 1968 and 1978, were sold after an intense bidding war at a notably strong cap rate, especially for older industrial assets, indicating that investor appetite is increasing in Florida’s secondary and tertiary markets.
Totaling 1.33 million square feet, the projects in Groveland and Ocala are both being developed on a speculative basis and will deliver in early 2023.
The two sites about 92 percent occupied.
The properties were 100% leased at the time of sale to Florida-based Richland Capital Holdings.
The plazas total 102,735 square feet.
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