78-Unit Apartment Community In Leesburg Fetches $8 Million
Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, ESO Equity Group, in the transaction.
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Mike Donaldson and Nick Meoli of Cushman & Wakefield represented the seller, ESO Equity Group, in the transaction.
Banyan Street Capital, a Miami-based private equity firm focused on acquiring and operating office properties, purchased the property in a joint venture with a fund managed by DRA Advisors.
The two side-by-side brick and stucco multi-tenant buildings total 13,690 square feet.
One outparcel includes a 5,530-square-foot AT&T store, located at 4006 Conroy Road. The second outparcel includes a 5,045-square-foot Panera Bread and a 3,500-square-foot Shake Shack, located at 4060 Conroy Road.
The Magic will initially take over a full floor at the CNL Center II, with the option to expand into a total of 36,727 square feet of office space on two floors within the building.
The financing for the initial phase will encompass the construction of 700,000 rentable square feet of logistics warehouse space, as well as the infrastructure costs for up to 2 million rentable square feet.
Shelton Granade, Luke Wickham and Justin Basquill of IPA represented the seller, Lighthouse Group, in the transaction.
The financing was secured shortly after Staples renewed its 24,000-square-foot lease at the 163,754-square-foot retail center in one of Orlando’s most affluent suburbs.
The project, dubbed Crossprairie, is slated to become the front door to over 30,000 new homes in the East of Lake Toho Conceptual Master plan area.
The property was acquired as part of a Joint Venture with Cerberus Capital Management.
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