Basis Industrial Closes The Year With $36.5 Million Orlando Acquisition
TerraCap purchased the asset in October 2020 for $24,000,000.
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.
The multi-tenant complex is 98% leased to 28 tenants across multiple suites. The properties are situated on a 12.28-acre site, which features 521 surface parking spaces.
Kent Cooper, CCIM, a CFCAR past president, was awarded Deal of the Year and 17 other awards were presented.
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