The 38,537-square-foot portfolio was 88.2% leased with a weighted average lease term of over 5.5 years.
Cresa Orlando’s Sarah Castor represented Florida Cancer Specialists, and Colliers’ Matthew McKeever and Rick Solik represented the landlord in the deal.
The final agreement is set to go before the Lake County Commission on July 27.
He is an industry veteran with over 37 years of experience in commercial real estate.
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.
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 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.
Somerset Properties is Ten Capital’s partner on the transaction.
All community spaces in the historic two story building, will be restricted to 50% capacity in order to encourage social distancing. Face masks will be recommended and anyone entering the building is asked to follow CDC guidelines.
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