EML Realty Partners Announces Acquisition Of High Tech Facility
The single tenant high tech facility totals more than 35,000 square feet and is situated on approximately 3.7 acres.
The single tenant high tech facility totals more than 35,000 square feet and is situated on approximately 3.7 acres.
This year, commercial space companies are invited to submit applications for Space Florida’s Space Transportation Infrastructure Matching Fund – requiring a private match of 50% or greater – to help meet current and future commercial and public sector space transportation needs.
TerraCap purchased the asset in October 2020 for $24,000,000.
The Cushman & Wakefield Capital Markets team of Rick Colon, Mike Davis, and Rick Brugge represented Orlando Sportsplex, LLC in the transaction in collaboration with Glen Jaffee, who has also leased the property since 2020 and was retained by new ownership to continue that role.
The firm has appointed Rafael Mendez, CCIM, to lead the new office expansion.
The acquisitions total 254,000 square feet.
The transaction marks Castle Lanterra’s second office acquisition in Florida this month.
The Orlando office market is finally seeing positive absorption across all major submarkets. An impressive second quarter recorded 122,423 square feet of positive absorption, bringing the total for the first half of the year to 156,778 square feet.
Ron Rogg of CBRE represented TerraCap in the sale transaction.
Located on 15 acres within Central Florida Research Park, Challenger South I and II were 93 percent leased at the time of sale.
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