Cushman & Wakefield has arranged the sale and financing of SouthPark Center, a 10-building suburban office park totaling approximately 1.25 million square feet located in Orlando.
The final sale price was $315 million, making the deal the largest office transaction in the history of the Central Florida market.
Cushman & Wakefield’s Mike Davis, Rick Colon, Rick Brugge, and Dominic Montazemi, with support from Zach Eicholtz, Brooke Tulley, and Ryan Jenkins represented the seller, AEW Capital Management, in the transaction. Brian Linnihan, Jason Hochman, Mike Ryan, and Ron Granite of Cushman and Wakefield arranged $233 million of acquisition financing on the transaction.
PPF Real Estate, part of PPF Group, acquired the property. Following its acquisition of the Mansell Overlook office park in suburban Atlanta earlier this year, PPF Real Estate has invested or committed to over $500 million in real estate investments in its first full year of U.S. operations. Cushman & Wakefield has advised PPF Real Estate on acquisition financing for both of the firm’s office acquisitions.
“Widely regarded as one of the top suburban office parks in the Southeast, SouthPark has been institutionally owned and maintained with several recent amenity upgrades helping to fuel the park’s outperformance of the broader market,” Davis said.
Situated on 162 acres, the park is located near the intersection of John Young Parkway and Sand Lake Road, offering proximity to Orlando International Airport, the Orange County Convention Center, the Florida Turnpike and the Beachline Expressway (Highway 528). The site includes an additional 31 acres of remaining land that will support the further development of commercial space.
“PPF Group is an opportunistic family office investor. Thus, the proposition of acquiring large portfolios with strong cash flows, accompanied with development upside, is compelling to us as an investor and remains a strategic priority,” said Aaron Smith, Managing Director for PPF Real Estate U.S.
“Due to location, scale, and overall product quality, SouthPark remains a top destination for tenants,” Colon added. “Throughout the recent pandemic, the park witnessed strong absorption and rent growth as the highest quality office space remains in very strong demand.”
Amenities include dedicated Lynx bus stops, a fitness center, a full-service café, an outdoor pavilion, food truck events, on-site mobile detailing and on-site dry cleaning.
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