Cushman & Wakefield arranged the sale of 20 North Orange Avenue, a 279,780-square-foot office tower located in the heart of Orlando’s Central Business District, for approximately $63 million.
Mike Davis, Rick Colon, Rick Brugge, and Dominic Montazemi, with support from analysts Zach Eicholtz, Ryan Jenkins, and Brooke Tulley represented the selling partnership that was comprised of funds managed by Apollo Global Management, principals of Square2 Capital and Steelbridge Capital.
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 and have retained Robert Kellogg, Todd Davis, and Colin Morrison of Cushman & Wakefield to lease the property. Banyan Street Capital will operate the property in collaboration with Square2 Capital.
“Even throughout COVID, demand for well-located quality urban assets with strong cash flows in the Sunbelt remained robust,” Davis said.
Built in 1983, the 16-story building was purchased by the sellers in 2014 at 73% leased for $34,750,000, who then turned their focus towards a comprehensive redevelopment and repositioning of property including a substantial property renovation which included streetscape enhancements and the addition of multiple retail and restaurant storefronts along Orange Avenue, as well as updating both lobby areas, modernizing elevator and mechanical systems, and renovating all of the common areas.
Tenant appeal improved dramatically which resulted in attracting numerous new tenants such as Radixx, CI Group and Pipeline Orlando, along with notable major tenant renewals that included Morgan & Morgan and Brighthouse Networks, to name a few. Naturally, as a result of these enhancements, rents increased, and occupancy improved to 90%
“20 North Orange, which offers long-term stability along with upside as the downtown Orlando market continues to improve, received substantial regional, national and international interest through our marketing process,” Colon added.
Located on the northwest corner of Central Avenue and Orange Avenue, the property is within walking distance of various amenities including the Amway Center, the Grand Bohemian, the Church Street and Lynx Central SunRail Stations, Church Street, the Dr. Phillips Center for the Performing Arts, City Hall, Lake Eola, Creative Village, and various restaurants, bars and hotels. The property is highly amenitized with two structured parking garages that are connected to the property by covered sky bridges and offers the best parking ratio in downtown, on-site property management, conference facility, full-service banking, car wash and four restaurants including a café, Tin & Taco, Mercatos and Poke Bowl.
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