Cushman & Wakefield Brings The Keller Center to Full Occupancy With Expansion

Cushman & Wakefield announced today that it has assisted TerraCap Management in bringing The Keller Center, a ±160,000-square-foot, Class A office building located at 101 Southhall Lane in Maitland, to full occupancy. Senior Directors Rick Solik, MCR and Matthew McKeever, CCIM, SIOR negotiated an 8,000-square-foot expansion for tenant HealthCare Scouts, a Winter Park, FL-based healthcare staffing agency, brings the total leased by the agency to 26,000 square feet. Solik and McKeever were selected to lease the building by TerraCap Management in late 2014 and have since leased ±147,000-square-feet, pushing occupancy in the building from 20 to 100 percent. Other tenants in the building include Adventist Health System, a faith-based health care organization; CDM Smith, a full-service engineering and construction firm; and Alegeus Technologies, a Waltham, MA-based health care services firm. TerraCap acquired the building in 2014 from Parkway Properties and invested over $7 million in renovations and tenant improvements. These included extensive lobby/atrium renovations, new elevator cabs, site and landscape reconfiguration and a 400-stall parking deck, which increased parking ratio to five spaces per 1,000 square feet and provided the ability to park select tenants at higher ratios, an amenity in short supply in Maitland.  

“The Maitland submarket, with its central location and access to a very skilled workforce, continues to attract tenants,” said Solik. “This, along with ownership’s extensive improvements, drove demand for space at The Keller Center.”

“We saw a great opportunity when we acquired The Keller Center in 2014,” added Albert Livingston, TerraCap Director of Asset Management. “It was a value-add acquisition that offered tremendous upside through capital enhancements, proactive marketing and lease-up at market rates. Through solid planning, good fortune and timely execution, we’ve been able to successfully reposition The Keller Center as a premier asset in the Maitland submarket.”

“It is great working with quality property owners who are willing to invest money to add value to the asset,” said McKeever.

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