Four-story, Energy-Star rated Class B office building in the heart of Maitland Center, Orlando’s most centrally located and best connected submarket
Acquire value-add office building in Maitland Center, Orlando’s premier suburban office park, at a 66% discount to replacement cost
With a full floor known-vacate at acquisition, CPG leased the property from 71% to 91%
Pushed rental rates from below $18.00/SF to $22.00/SF at sale, representing 4.0% average annual growth versus 2.9% market growth
Invested $1.4MM in targeted capital, including common area upgrades, elevator modernization and HVAC control upgrades
Negotiated long-term renewals at strong rates with building’s two major tenants (Wiley and Sprint) that created a WALT in excess of 5 years at the time of sale
