Lake Mary office complex sells for $130M

A five-building office complex in Lake Mary sold for $130 million — notching a spot as the area’s largest suburban office sale in more than a decade.

Miami-based Parmenter Realty Partners paid about $168 per square foot to buy the Primera Towers office portfolio from Miami-based Banyan Street Capital, funds managed by Los Angeles-based Oaktree Capital Management and Munich-based Balandis AG. The property, which totals 771,826 square feet of Class A office space, was 88 percent leased at closing.

Mike Davis, Michael Lerner and Rick Brugge of Cushman & Wakefield represented the seller in the deal, which hasn’t yet hit public records.

However, this sale represents the biggest of its kind since the 2002 sale of the Heathrow International Business Center, Cushman & Wakefield reported. Tenants in the buildings include Blue Cross & Blue Shield, Liberty Mutual, Paylocity, D+H, Dixon Ticonderoga and HNTB, the release said.

“Our clients created tremendous value by consolidating the previously fractured ownership structure that existed within Primera,” said Lerner, a senior director at Cushman & Wakefield, in a prepared statement. “This best-in-class portfolio was acquired from four different owners over the past 10 years and this sale represents the first time in the park’s history that all five buildings are controlled by one group.”

Banyan Street Capital’s related Banyan Street/Gap Primera Owner LLC last year bought the 152,928-square-foot, six-story Primera III building for $22.7 million, as previously reported by Orlando Business Journal.

Lake Mary is one of the more desirable submarkets in the Orlando region, since it has attracted large employers — including Verizon Communications Inc. (NYSE: VZ), Deloitte and AT&T.

July 24th, 2018|News|