Orlando, FL – January 09, 2015 – (RealEstateRama) — CBRE arranged the sale and financing of two fully-leased, single-story office buildings totaling 82,175 square feet in the East Orlando office submarket. ORC Quadrangle, LLC acquired the property, located at 3500 and 3626 Quadrangle Boulevard, from Atlanta-based Wells Real Estate Fund X III, L.P., for an undisclosed amount. CBRE represented the seller.
“The site is close to new hotels, restaurants and retail along University Boulevard,” said Ronald J. Rogg, Executive Vice President of CBRE Capital Markets, Office & Industrial. “The location is conveniently located near the University of Central Florida, Central Florida Research Park, SR 417 (the Greeneway), State Road 408, downtown Orlando and Orlando International Airport.”
The property is part of Quadrangle Corporate Park, a 157-acre master planned business park, built adjacent to two of Orlando’s economic powerhouses: The University of Central Florida and Central Florida Research Park.
Strong credit tenants, such as Siemens and Cemex, account for the majority of this fully occupied property with long-term, triple-net leases in place. Built in 2001, the office buildings have been maintained on an institutional basis.
The buyer is an affiliate of Orlando based Owens Realty Capital and Owens Realty Services.
CBRE’s Ronald J. Rogg and Chip Wooten exclusively represented the seller in the transaction. The sale marks the 16th office building that Rogg has sold in the University/Research Park submarket. Palmer Vietor of Owens Realty Services represented the buyer in the transaction. Financing was arranged by Glenn Housman, Senior Vice President, of CBRE’s Debt and Structured Finance group.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com
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