4949-4977 International Dr
Orlando, FL 32819 - Tourist Corridor Submarket
Sale on 07/30/2008 for $85,000,000 ($825.38/SF) - Research Complete 456,892 SF Retail (Regional Mall) Building Built in 2007
SOLD
1
Non-Arms Length
Buyer & Seller Contact Info
Recorded Buyer: Polo Florida Llc Recorded Seller: Lightstone Value Plus Real Estate
5401 W Oak Ridge Rd Orlando, FL 32819
True Buyer: True Seller: Prime Retail
217 E Redwood St Baltimore, MD 21202 (410) 234-0782
-Seller Type: Developer/Owner-NTL
Sale Date:
Pro Forma Cap Rate: Price/SF: Sale Price: $825.38 $85,000,000-Confirmed 07/30/2008 (31 days on market) Bldg Type: Land Area: Sale Conditions: Year Built/Age: GLA: 7.70%
Retail - (Regional Mall) Built in 2007 Age: 1 456,892 SF
82.52 AC (3,594,475 SF)
Partial Interest Transfer (22.54%)
Percent Leased: 100.0%
Transaction Details
Asking Price:
-Price/AC Land Gross: $4,570,012.35
Investment
Sale Type:
Non-Market Reasons: Business Sale/Zero RE Allocation.
ID: 2219848
-Tenancy: Multi
Escrow Length: 35 days
Financing: Down payment of $19,600,000.00 (23.1%)
* Other Institutional Lenders
No. of Tenants: 37
Tenants at time of sale: Carter's; Dickies; Easy Spirit Outlet Store; Edy's Ice Cream Shop; Electronics Outlet; Gap Outlet; Kasper Outlet Store; KB Toy Outlet/Toy Liquidators; Lids; Liz Claiborne; Mikasa; NIKE Factory Store; Payless ShoeSource; Perfumania; Pfaltzgraff Factory Store; Phillips-Van Heusen Corporation; Piercing Pagoda; Rack Room Shoes; rue21; Samsonite Company Stores; Stride Rite; Sun Trust Bank ATM; The Children's Place; Timberland Factory Outlet; Today's Woman Of Florida Inc; Tommy Hilfiger; Traffic Shoes; Tuscany Pizza House; Ultra Diamonds; Van Heusen Direct; Vans; Vin & Esprit; Vitamin World; Welcome Home; Wendys Trend Silver; Wet Seal; World Cafe
Sale History: Portfolio sale of 52 properties sold for $2,300,000,000 ($314.48/SF) on 08/30/2010 Sold for $85,000,000 ($825.38/SF) on 07/30/2008 Non-Arms Length
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Transaction Notes
Lightstone acquired a 22.54% interest in Mill Run LLC.
Mill Run is the beneficial owner of the Prime Outlets Orlando I and Orlando II. The acquisition price for the Mill Run 22.54% interest was $85M. An affiliate of the Lightstone Group, the Company's sponsor, is the managing member and majority owner of Mill Run. The Mill Run properties are leased to to tenants under long-term leases with expiration dates through 2023. All rents are NNN with escalations. The NOI for Mill Run Interest was $6.553M resulting in a cap rate of 7.7%. These figures are unaudited.
The Mill Run interest is a non-managing interest.
Property Type: Retail - (Regional Mall)
Orlando Premium Outlets - Internationa Dr Built in 2007
Center Name: Bldg Status:
Owner Type: REIT
Current Retail Information
GLA: 456,892 SF 0 SF
Total Avail:
Bldg Vacant: 0 SF
% Leased: 100.0%
Street Frontage: 2,594 feet on Floridas Turnpike 3,434 feet on Oak Ridge Road W 3,120 feet on SR - 400
1,724 feet on I-4 Expy 1,588 feet on Oak Ridge Rd
Parking: 2250 free Surface Spaces are available
Zoning: AC-3/SP, Orlando
Owner Occupied: No
CAM:
-Rent/SF/Yr: - No. of Stores: 179
Land Area: 82.52 AC
Features: Bus Line, Corner Lot, Dedicated Turn Lane, Enclosed Mall, Food Court, Freeway Visibility, Out Parcel, Pylon Sign, Signage, Signalized Intersection
Expenses: 2009 Tax @ $1.61/sf Lot Dimensions: -ID: 761118 Building FAR: 0.13 Location Information Orlando
Tourist Corridor/Tourist Corridor
Metro Market: Submarket:
County: Orange
Park Name: Orlando Premium Outlets - Internati
Second Address: 5401 W Oak Ridge Rd
CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
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Located just across the I-4 - Kirkman Rd. interchange from Universal Studios and just 12 miles from Disney World, Belz Factory Outlet World, Orlando fronts I-4 and the Florida Turnpike-Florida's busiest intersection with 80,000 cars passing each day. Over 43 million tourists yearly make Orlando their vacation destination. Orlando is also one of the fastest growing metropolitan areas in the country, with a population of well over 1.6 million.
Centered in the middle of this retail bonanza is Belz Factory Outlet World, the largest non-anchored factory outlet center of its kind in the country with 700,000 sq. ft. and over 170 outlets in two fully enclosed malls and four strip centers.
Property Notes
4949-4977 International Dr
SOLD
456,892 SF Retail (Regional Mall) Building Built in 2007 (con't)
Parcel Number:
-Legal Description:
County: Orange
Plat Map: 4949-4977 International Dr
4949-4977 International Dr
SOLD
456,892 SF Retail (Regional Mall) Building Built in 2007 (con't)
495 N Keller Rd - Maitland Promenade II
Maitland, FL 32751 - Maitland Center SubmarketSale on 06/25/2008 for $52,940,000 ($229.81/SF) - Research Complete 230,366 SF Class A Office Building Built in 2001
SOLD
2
Buyer & Seller Contact Info
Recorded Buyer: FDG Maitland Promenade LLC Recorded Seller: NNN Maitland Promenade LLC
True Buyer: True Seller: Grubb & Ellis Realty Investors, LLC
1551 N Tustin Ave Santa Ana, CA 92705 (714) 667-8252
Flagler Development Company
10151 Deerpark Blvd Jacksonville, FL 32256 (904) 279-3132
Buyer Type: Developer/Owner-RGNL Seller Type: Investment Manager
Buyer Broker: HFF Listing Broker: No Listing Broker on Deal
Danny Finkle (305) 448-1333 Manuel de Zarraga (305) 448-1333 Hermen Rodriguez (305) 448-1333 Sale Date:
Pro Forma Cap Rate: Price/SF: Sale Price: $229.81 $52,940,000-Confirmed 06/25/2008 (0 days on market) Bldg Type: Land Area: Sale Conditions: Year Built/Age: RBA: 7.00% Office Built in 2001 Age: 6 230,366 SF 9.20 AC (400,926 SF) 1031 Exchange Percent Leased: 100.0% Transaction Details Asking Price:
-Price/AC Land Gross: $5,751,847.02
Total Value Assessed: Improved Value Assessed: Land Value Assessed:
$34,778,587 $30,933,234 $3,845,353 Percent Improved: 88.9% Land Assessed/AC: $417,791 Investment Sale Type: Transfer Tax: $370,580 ID: 1551987 -Spacer Tenancy: Multi
Escrow Length: 90 days
No. of Tenants: 10
Tenants at time of sale: BE & K Building Group, Inc; BE&K Bldg Group; Custom Staffing, Inc.; First Data Corporation; Option One Mortgage Corporation; Opus South Corporation; Paysys International, Inc.; Sobik's Subs; The Mortgage Store; United HealthCare Services, Inc.
Parcel No: 27-2129-5482-00-020
Document No: 9719-6850
Sale History: Sold for $52,940,000 ($229.81/SF) on 06/25/2008 Sold for $44,393,000 ($192.71/SF) on 09/12/2005
Legal Desc: Lot 2 Maitland Promenade pltbk 47 pgs 14,15; lots 91,92 Willis R Munger's Subdivision sec 27 T21S R29E
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Transaction Notes
The buyer's agent reported that a 230,366 square foot building sold for $52,940,000. The property was part of a 1031 exchange, however, no further details were given.
The buyer's agent reported an cap of 7% at the time of sale. The property was 8% vacant and the operating expenses were $9.50 per square foot per year.
Income Expense Data
($512,546) $6,406,823
Effective Gross Income - Vacancy Allowance + Other Income Gross Scheduled Income
Income $2,188,477 $2,188,477 Total Expenses - Operating Expenses - Taxes Expenses $3,705,800 Cash Flow $3,705,800 - Capital Expenditure - Debt Service Net Operating Income
Net Income Bldg Type: Office A 88,391 SF Class: Total Avail: Bldg Vacant: Tenancy: Owner Type: Owner Occupied 40,999 SF Multi Developer/Owner-RGNL No Bldg Status: Built in 2001 82.2% Withheld % Leased: Rent/SF/Yr:
Typical Floor Size: Land Area: Elevators: Zoning: 46,073 SF 9.20 AC 5 with 1 frt PD-NON, County
Current Building Information
RBA: 230,366 SF
Core Factor:
-Stories: 5
Building FAR: 0.57
Amenities: 24/7 Building Access, Card Key Access, Fitness Center, Food Service, Property Manager on Site, Restaurant
Parking: 76 free Surface Spaces are available; Ratio of 4.60/1,000 SF
Const Type: Masonry
Expenses: 2010 Tax @ $2.00/sf; 2009 Ops @ $9.50/sf
Setbacks: 1st-5th 46,067 sf
ID: 596055
Location Information
Orlando
Maitland Center/Maitland Center
Metro Market: Submarket:
County: Orange
Park Name: Maitland Promenade
CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
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495 N Keller Rd - Maitland Promenade II
SOLD
230,366 SF Class A Office Building Built in 2001 (con't)
495 N Keller Rd - Maitland Promenade II
SOLD
230,366 SF Class A Office Building Built in 2001 (con't)
Located within the heart of Maitland Center, Maitland Promenade II offers many amenities including rich lobby finishes, 24/7 security guard, an on site cafe, shower and locker room facilities in addition to its own self sufficient three-story parking garage.
Property Notes
Parcel Number: 27-2129-5482-00-020
Lot 2 Maitland Promenade plat bk 47 pgs 14, 15 Por lots 91, 92 Willis R Mungers Subdiv plat bk E pg 7
Legal Description:
County: Orange
Plat Map: 495 N Keller Rd - Maitland Promenade II
495 N Keller Rd - Maitland Promenade II
SOLD
230,366 SF Class A Office Building Built in 2001 (con't)
1000 Legion Pl - Gateway Center
Orlando, FL 32801 - Downtown Orlando SubmarketSale on 01/18/2008 for $55,000,000 ($240.97/SF) - Research Complete 228,241 SF Class A Office Building Built in 1989
SOLD
3
Buyer & Seller Contact Info
Recorded Buyer: Recorded Seller: FBEC-Gateway Cener LP
FBEC-Gateway Center II LP Parkway Fund Orlando I LLC
True Buyer: True Seller: Jones Lang LaSalle America's Inc.
Ty Spearing
200 E Randolph St Chicago, IL 60601 (312) 782-5800
Parkway Properties, Inc. Mandy Pope
Steven Rogers
188 E Capitol St Jackson, MS 39201 (601) 948-4091
Buyer Type: REIT Seller Type: Investment Manager
Buyer Broker: Listing Broker: Jones Lang LaSalle
Jeff Morris
(407) 982-8690
Jones Lang LaSalle Jubeen Vaghefi
(305) 789-6519
Jones Lang LaSalle Thomas Beneville
(212) 812-5740
David Krasnoff
(212) 812-5700
Jones Lang LaSalle Natalee Gleiter
(407) 982-8576
Sale Date:
Pro Forma Cap Rate: Price/SF: Sale Price:
Actual Cap Rate:
$240.97 $55,000,000-Confirmed 01/18/2008 Bldg Type: Land Area: Year Built/Age: RBA: 4.70% 6.80% Office Built in 1989 Age: 18 228,241 SF 4.01 AC (174,676 SF) Percent Leased: 76.5% Transaction Details Asking Price:
-Price/AC Land Gross: $13,715,710.72
Total Value Assessed: Improved Value Assessed:
$25,448,686 in 2007 $20,916,827 Percent Improved: 82.2% Investment Sale Type: ID: 1470186 Tenancy: Multi Escrow Length:
Actual Cap Rate: 6.80% Improved Value Assessed: Land Value Assessed:
$20,916,827 $4,531,859 Land Assessed/AC: $1,130,139 Transfer Tax: $385,000 -Spacer Parcel No: Financing: 23-2229-2963-00-010, 23-2229-2963-00-020, 23-2229-2963-00-030 Down payment of $23,000,000.00 (41.8%)
$33,000,000.00 from Massachusetts Mutual Life Insurance Company
Document No: 9572-3417
Sale History: Portfolio sale of 12 properties sold on 12/31/2011 Sold for $55,000,000 ($240.97/SF) on 01/18/2008 Sold for $28,575,000 ($125.20/SF) on 12/20/1999
No. of Tenants: 14
Legal Desc: Lots 1 & 3 & all that certain air space in & to lot 2 Gateway Center Replat A Replat bk 27 pgs 103 & 104 + easements
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Tenants at time of sale: Alliance Title Services, Ltd.; Department of Veterans Affairs; Fitness Center; Florida Choice Bank; Fox Sports Florida; GulfAtlantic Title; Jacobs Carter Burgess; R.W. Beck; Reynolds, Smith and Hills, CS, Incorporated; Severant Internet Service; Shuffield, Lowman & Wilson, P.A.; South Milhausen, P.A.; Tews Company, Inc.; Trammell Crow Company
Transaction Notes
Property consists of a 228,000 rentable square foot Class A office property, situated on 3 legal parcels totaling 4.01 acres. The building features a conferencing facility, corner location, food service and management on-site. There are eight passenger elevators and one freight. Building amenities include state-of-the-art fire and life safety systems, computer-controlled HVAC system, key card access and patrolling security and on-site showers and locker facilities. Tenant storage spaces are available. Floors 2-6 are parking floors, visitor parking is free and there is no 13th floor.
Sellers Cap Rate is based on in-place income at time of sale. The income factors in such fees as asset & property management, leasing and construction supervision services. When taking those out of the income stream, the cap rate would be a 4.7%. The property was 79% leased at time of sale. Buyers intend on spending an estimated $2.8 million for building improvements, leasing, tenant improvements, and closing costs.
There were no reports of any funds used from a tax deferred exchange. There were no adverse conditions affecting the sale. There were no reports of deferred maintenance.
Bldg Type: Office A 28,661 SF Class: Total Avail: Bldg Vacant: Tenancy: Owner Type: Owner Occupied 28,661 SF Multi Pension Fund No Bldg Status: Built in 1989 91.8% $20.50 % Leased: Rent/SF/Yr:
Typical Floor Size: Land Area: Elevators: Zoning: 21,834 SF 4.01 AC 9 with 1 frt AC3A/T/Orlando
Current Building Information
RBA: 228,241 SF
Core Factor:
-Stories: 17
Building FAR: 1.31
Amenities: 24/7 Building Access, Banking, Bus Line, Conferencing Facility, Corner Lot, Food Service, Signage
Parking: 876 Covered Spaces are available; 39 free Surface Spaces are available; Ratio of 3.50/1,000 SF
Const Type: Masonry
Setbacks: 1st-17th 21,000-30,000 sf ID: 380641 Location Information Orlando Downtown/Downtown Orlando Metro Market: Submarket: County: Orange Map(Page): Trakker 44-S19 CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
1000 Legion Pl - Gateway Center
SOLD
228,241 SF Class A Office Building Built in 1989 (con't)
1000 Legion Pl - Gateway Center
SOLD
228,241 SF Class A Office Building Built in 1989 (con't)
Map(Page): Trakker 44-S19
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Gateway Center is on the north end of downtown Orlando. It has views of Lake Ivanhoe and easy access to Interstate 4 and the Orlando International Airport.
The 17 story high-rise building, consisting of 228,241 sf building has an elegant lobby with flame cut granite and polished granite accents. The property fronts both North Orlando Avenue and Legion Place, with a wrap-around terrace, landscaped gardens and courtyard featuring Canary Island palm trees.
Gateway Center has surface parking and a six story garage with a 3.5:1000 parking ratio. Building amenities include a state-of-the-art fire and life safety systems, computer-controlled HVAC system, key card access and patrolling security and on-site showers and locker facilities. Tenant storage spaces are available.
On-site cafe. An outdoor seating area is adjacent to the building. Nearby amenities include business hotels, restaurants, and retail shops. It is also adjacent Lake Ivanhoe that offers a pleasant walk through one of the city's beautiful, landscaped gardens.
Floors 2-6 are parking floors, visitor parking is free and there is no 13th Floor.
Property Notes
Parcel Number: 23-2229-2963-00-010, 23-2229-2963-00-020, 23-2229-2963-00-030 Lots 1 thru 3 Gateway Center plat bk 27 pgs 103, 104
Legal Description:
County: Orange
Plat Map: 1000 Legion Pl - Gateway Center
1000 Legion Pl - Gateway Center
SOLD
228,241 SF Class A Office Building Built in 1989 (con't)
2301 Lucien Way - Maitland Colonnades
Maitland, FL 32751 - Maitland Center SubmarketSale on 06/26/2007 for $51,000,000 ($196.15/SF) - Research Complete 260,000 SF Class A Office Building Built in 1986
SOLD
4
Buyer & Seller Contact Info
Recorded Buyer: CRP-2 Colonnades, LLC Recorded Seller: FBEC-Maitland Colonnades, LP
True Buyer: True Seller: Jones Lang LaSalle America's Inc.
Ty Spearing
200 E Randolph St Chicago, IL 60601 (312) 782-5800
Colony Realty Partners Henry Brauer
2 International Pl Boston, MA 02110 (617) 235-6300
Buyer Type: Investment Manager Seller Type: Investment Manager
Buyer Broker: Listing Broker: Jones Lang LaSalle
Thomas Beneville
(212) 812-5740
Jay Miele
(212) 314-0400
No Buyer Broker on Deal
Sale Date:
Price/SF: Sale Price:
Actual Cap Rate:
$196.15 $51,000,000-Confirmed 06/26/2007 (82 days on market) Bldg Type: Land Area: Year Built/Age: RBA: 6.20% Office Built in 1986 Age: 21 260,000 SF 14.07 AC (612,998 SF) Percent Leased: 90.6% Transaction Details Asking Price:
-Price/AC Land Gross: $3,624,089.54
Total Value Assessed: Improved Value Assessed: Land Value Assessed:
$19,335,256 in 2006 $14,424,592 $4,910,664 Percent Improved: 74.6% Land Assessed/AC: $348,954 Investment Sale Type: Transfer Tax: $357,000 ID: 1335852 -Spacer Tenancy: Multi
Escrow Length: 40 days
Parcel No: 35-2129-4579-01-000
No. of Tenants: 7
Legal Desc: Lot 1 Lake Lucien Executive Center Phase Two pltbk 15 pg 5
Tenants at time of sale: Commerce Title Company; Crawford & Company; Harbert Realty Services, Inc.; Nature’s Table Café; NuVox; Reliance Standard Life Insurance Company; Trane
Parcel No: 35-2129-4579-01-000
Document No: 9326-2575
Sale History: Sold for $51,000,000 ($196.15/SF) on 06/26/2007 Sold for $33,000,000 ($126.92/SF) on 12/21/1998
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Transaction Notes
The listing broker reported that a 260,000-square-foot office building sold for $51,000,000. The property was 9% vacant at the time of sale. The listing broker reported that if the existing parking structure is expanded the surface lot can be developed.
Bldg Type: Office A 114,875 SF Class: Total Avail: Bldg Vacant: Tenancy: Owner Type: Owner Occupied 33,640 SF Multi Investment Manager No Bldg Status: Built in 1986 87.1% $20.59 % Leased: Rent/SF/Yr:
Typical Floor Size: Land Area: Elevators: Zoning: 65,000 SF 14.07 AC 2 IC-2, Maitland
Current Building Information
RBA: 260,000 SF
Core Factor: 13.0%
Stories: 4
Building FAR: 0.42
Amenities: Atrium, Conferencing Facility, Fitness Center, Restaurant, Signage
Elevator Banks: 1st-4th(2)
Parking: 1008 free Covered Spaces are available; 360 free Surface Spaces are available; Ratio of 4.00/1,000 SF
Const Type: Reinforced Concrete
ID: 381012
Location Information
Orlando
Maitland Center/Maitland Center
Metro Market: Submarket:
County: Orange
Park Name: Maitland Center
Map(Page): Trakker 34-S15
CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
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Maitland Colonnades is a Four-Story, Three-Winged Class A office building in Maitland, FL with over 260,000 square feet of rentable area. Sitting on over 14 acres of land just off I-4 and Maitland Boulevard inside the Maitland Preserve Office Park, the property includes beautiful lake views of Lake Lucien, with an observation deck and a nature preserve. The property also sits in close proximity to major retail centers and the Orlando, Winter Park, Kissimmee, and Sanford Amtrak Stations. On-site amenities include a fitness center and a Nature’s Table Café.
Property Notes
2301 Lucien Way - Maitland Colonnades
SOLD
260,000 SF Class A Office Building Built in 1986 (con't)
Parcel Number: 35-2129-4579-01-000
Lot 1 Lake Lucien Executive Center Phase 2, Plat Book 15 pg 5
Legal Description:
County: Orange
Plat Map: 2301 Lucien Way - Maitland Colonnades
2301 Lucien Way - Maitland Colonnades
SOLD
260,000 SF Class A Office Building Built in 1986 (con't)
800 N Magnolia Ave - One Orlando Centre
Orlando, FL 32803 - Downtown Orlando SubmarketSale on 05/08/2007 for $90,625,000 ($254.72/SF) - Research Complete 355,783 SF Class A Office Building Built in 1988, Renov 1995
SOLD
5
Buyer & Seller Contact Info
Recorded Buyer: OCC Owner, LLC Recorded Seller: One Orlando Associates LLC
True Buyer: True Seller: The Praedium Group LLC
Mark Lippman
825 Third Ave New York, NY 10022 (212) 224-5600
Parkway Realty Services Joseph Kuipers
390 N Orange Ave Orlando, FL 32801 (407) 650-0593
Buyer Type: Developer/Owner-RGNL Seller Type: Investment Manager
Buyer Broker: Listing Broker: CBRE
Ronald Rogg
(407) 839-3194
No Buyer Broker on Deal
Sale Date:
Pro Forma Cap Rate: Price/SF: Sale Price: $254.72 $90,625,000-Confirmed 05/08/2007 (127 days on market) Bldg Type: Land Area: Year Built/Age: RBA: 5.70% Office
Built in 1988, Renov 1995 Age: 18 355,783 SF
5.66 AC (246,419 SF)
Percent Leased: 92.4%
Transaction Details
Asking Price:
-Price/AC Land Gross: $16,019,975.25
Total Value Assessed: Improved Value Assessed: Land Value Assessed:
$47,082,418 in 2006 $34,762,118 $12,320,300 Percent Improved: 73.8% Land Assessed/AC: $2,177,885 Investment Sale Type: Transfer Tax: $634,375 ID: 1302174 -Spacer Tenancy: Multi
Escrow Length: 30 days
No. of Tenants: 20
Legal Desc: Blk A, Lots 4-5, Blk B, DR. R.A. Miller's Add. Orlando, PB C, P 70; Lots 1-13, FA Lewter's Subd., PB G, P 24; Lots 26-32, Cooper & Atha's ReSubd., PB G, P 30.
Tenants at time of sale: 20 North Orange Corp.; Boyle Engineering; Cushman & Wakefield of Florida, Inc.; Dean, Mead, Egerton, Bloodworth, Capouano & Bozart; Deltacom Inc.; Enterprise Florida, Inc.; Hannover Life Reassurance Company of America; HRH Insurance; Hunton Brady Architects; Longbeach Mortgage; McGladrey & Pullen, LLP.; Menu Vantage; Premier Mortgage Capital; R.W. Beck; Siemens AG; The Apartment Group; Turner Construction Company; U.S.Mortgage Advisor; Universal Mortgage Advisors; Wells Fargo Bank NA
Parcel No: 23-2229-5640-01-001
Document No: 9255-2329
Sale History: Sold for $90,625,000 ($254.72/SF) on 05/08/2007 Sold for $70,000,000 ($196.75/SF) on 03/07/2006
Legal Desc: Blk A, Lots 4-5, Blk B, DR. R.A. Miller's Add. Orlando, PB C, P 70; Lots 1-13, FA Lewter's Subd., PB G, P 24; Lots 26-32, Cooper & Atha's ReSubd., PB G, P 30.
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Transaction Notes
The seller reported that the property was 92 percent leased at the time of sale. The seller reported that a 355,000-square-foot building sold for $90,625,000. The seller reported the proforma cap rate.
Bldg Type: Office A 66,802 SF Class: Total Avail: Bldg Vacant: Tenancy: Owner Type: Owner Occupied 35,210 SF Multi Developer/Owner-RGNL No
Bldg Status: Built in 1988, Renov 1995
90.8% $23.81
% Leased: Rent/SF/Yr:
Typical Floor Size: Land Area: Elevators: Zoning: 18,000 SF 5.66 AC 6 AC-3A/T, Orlando
Current Building Information
RBA: 355,783 SF
Core Factor: 14.0%
Stories: 19
Building FAR: 1.44
Amenities: Banking, Bus Line, Conferencing Facility, Corner Lot, On Site Management, Property Manager on Site,
Restaurant, Signage
Parking: 1400 free Covered Spaces are available; Ratio of 3.50/1,000 SF
Const Type: Masonry
Expenses: 2009 Tax @ $3.74/sf ID: 380875 Location Information Orlando Downtown/Downtown Orlando Metro Market: Submarket: County: Orange
Map(Page): American Map Corp 306
CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
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Located with close proximity to downtown Orlando and I-4, the building has a 24-hour guard, double door entry off the common elevator and an attached multi-level garage.
19 Stories Panoramic Views Covered Parking Garage Full Service Bank On-Site Management 24 Hour Security Guard
Conference Center for Tenant Use
Property Notes
800 N Magnolia Ave - One Orlando Centre
SOLD
355,783 SF Class A Office Building Built in 1988, Renov 1995 (con't)
Parcel Number: 23-2229-5640-01-001
Lengthy Legal refer to supplemental data
Legal Description:
County: Orange
Plat Map: 800 N Magnolia Ave - One Orlando Centre
800 N Magnolia Ave - One Orlando Centre
SOLD
355,783 SF Class A Office Building Built in 1988, Renov 1995 (con't)
777 E Merritt Island Cswy - Merritt Square Mall
Merritt Island, FL 32952 - Brevard County SubmarketSale on 10/09/2007 for $84,000,000 ($104.48/SF) - Research Complete 804,000 SF Retail (Super Regional Mall) Building Built in 1970, Renov 2003
SOLD
6
Buyer & Seller Contact Info
Recorded Buyer: Glimcher Realty Trust Recorded Seller: Thor Merritt Square, LLC
True Buyer: True Seller: Thor Equities
Andrew Schulman
25 W 39th St New York, NY 10018
Glimcher Realty Trust Lisa Indest
Mark Yale
180 E Broad St Columbus, OH 43215 (614) 621-9000
Buyer Type: REIT Seller Type: Developer/Owner-NTL
Buyer Broker: Listing Broker: Cushman & Wakefield, Inc.
Mark Gilbert
(305) 533-2866
Adam Feinstein
(305) 533-2863
No Buyer Broker on Deal
Sale Date:
Price/SF: Sale Price:
Actual Cap Rate:
$104.48 $84,000,000-Confirmed 10/09/2007 (141 days on market) Bldg Type: Land Area: Year Built/Age: GLA: 6.70%
Retail - (Super Regional Mall) Built in 1970, Renov 2003 Age: 37 804,000 SF
85 AC (3,702,600 SF)
Percent Leased:
-Transaction Details
Asking Price:
-Price/AC Land Gross: $988,235.29
Total Value Assessed: Improved Value Assessed: Land Value Assessed:
$61,000,000 in 2007 -Percent Improved: -Land Assessed/AC: -Investment Sale Type: ID: 1410720 -Spacer Tenancy: Multi
Escrow Length: 60 days
No. of Tenants: 80
Tenants at time of sale: 5-7-9; A & W Restaurants Inc; Accessory Connection; Ace Luggage; Aeropostale; Audibel Hearing Care Center; Barnie's Coffee & Tea; Bath & Body Works, Inc.; Birneys Treasures; Bon Worth; Books-A-Million; Cajun Cafe & Grill; Candy Candy; Champs Sports; Chick-fil-A; Claire’s; Cobb Theatre; Cooks Cove; Creative Concepts; Dillard's; Emily's Bath Designs; Finish Line; Foot Locker; FYE--For Your Entertainment; GNC; Gold Corner; Gordon's Jewelers; Great American Cookie Company Inc; H&R Block; Hair Cuttery; Hallmark Gold Crown; Homes Plus; Island Eyes; Island Surf & Skate; JB Robinson Jewelers; JC Penney; Journeys; Kay Jewelers; KLDU Foundation; Lady Foot Locker; LensCrafters; Lids; Macy's; Male Attractions Inc; Manchu WOK; MasterCuts; Merle Norman; Nail Studio; Natural Mystique; Nature's Table Café; Pacific Sunwear; Payless ShoeSource; Pearle Vision; Perfume Collection; Petland; Piccadilly Cafeteria; Rack Room Shoes; Radioshack; Regis Salons; Ron Jon Cape Caribe Resort; Ruby Tuesday; Sbarro; Sears; Sid's Mens Fashions Inc; Sprint Kiosk; Steve & Barry's University Sportswear; Subway; Sunflower House; Sunglass Hut International Inc.; Tea Time International; The Dakota Watch Company; The Dollar Star; The Pretzel Twister; Things Remembered; T-Mobile; Trade Secret Beauty Express; Traffic
This copyrighted report contains research licensed to University of Central Florida, School of RE - 441621. 7/22/2012
Parcel No: Financing:
24-36-36-00-00254.1000.00, 24-36-36-00-00253.1000.00, 24-36-36-00-00280.0000.00, 24-36-36-00-00556.0000.00, 24-36-36-00-00296.0000.00
$57,000,000.00 from Private Lender:: 5.35%,; Assumed loan type
Sale History: Sold for $84,000,000 ($104.48/SF) on 10/09/2007 Sold for $64,400,000 ($80.10/SF) on 04/11/2005 Sold for $32,750,000 ($40.73/SF) on 12/18/2002
Legal Desc: Por sec 36 T24S R36E +easements
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Tenants at time of sale: 5-7-9; A & W Restaurants Inc; Accessory Connection; Ace Luggage; Aeropostale; Audibel Hearing Care Center; Barnie's Coffee & Tea; Bath & Body Works, Inc.; Birneys Treasures; Bon Worth; Books-A-Million; Cajun Cafe & Grill; Candy Candy; Champs Sports; Chick-fil-A; Claire’s; Cobb Theatre; Cooks Cove; Creative Concepts; Dillard's; Emily's Bath Designs; Finish Line; Foot Locker; FYE--For Your Entertainment; GNC; Gold Corner; Gordon's Jewelers; Great American Cookie Company Inc; H&R Block; Hair Cuttery; Hallmark Gold Crown; Homes Plus; Island Eyes; Island Surf & Skate; JB Robinson Jewelers; JC Penney; Journeys; Kay Jewelers; KLDU Foundation; Lady Foot Locker; LensCrafters; Lids; Macy's; Male Attractions Inc; Manchu WOK; MasterCuts; Merle Norman; Nail Studio; Natural Mystique; Nature's Table Café; Pacific Sunwear; Payless ShoeSource; Pearle Vision; Perfume Collection; Petland; Piccadilly Cafeteria; Rack Room Shoes; Radioshack; Regis Salons; Ron Jon Cape Caribe Resort; Ruby Tuesday; Sbarro; Sears; Sid's Mens Fashions Inc; Sprint Kiosk; Steve & Barry's University Sportswear; Subway; Sunflower House; Sunglass Hut International Inc.; Tea Time International; The Dakota Watch Company; The Dollar Star; The Pretzel Twister; Things Remembered; T-Mobile; Trade Secret Beauty Express; Traffic Shoes; Verizon Wireless; Vitamin World; Zales Jewelers
Transaction Notes
Property Consists of an 804,000 rentable square foot shopping center situated on 85 acres. There were no conditions of sale. There were no exchanges. There was no deferred maintenance.
There was 12,591 square feet of vacant space at time of sale. There was 41,724 of temp space at time of sale. Cap rate was based on income at time of sale.
Market time and Escrow/Contract period was estimated.
Property Type: Retail - (Super Regional Mall) Merritt Square Mall
Built in 1970, Renov 2003
Center Name: Bldg Status:
Owner Type: REIT
Current Retail Information
GLA: 804,000 SF 4,200 SF
Total Avail:
Bldg Vacant: 2,700 SF
% Leased: 99.7%
Street Frontage: 1,211 feet on E Merritt Island CSWY (with 3 curb cuts) 1,864 feet on S Sykes Creek Pky
Parking: 3452 Surface Spaces are available
Zoning: BU1, County
Owner Occupied: No
CAM:
-Rent/SF/Yr: Withheld No. of Stores: 95
Land Area: 85 AC
Features: Corner Lot, Food Court, Kiosk/Cart Space, Out Parcel, Pylon Sign, Temporary Tenants
Lot Dimensions:
-ID: 732093
Building FAR: 0.22
Location Information
Orlando
Brevard County/Brevard County
Metro Market: Submarket:
County: Brevard
Park Name: Merritt Square Mall
Map(Page): Trakker 84-Q30
CBSA: Palm Bay-Melbourne-Titusville, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
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777 E Merritt Island Cswy - Merritt Square Mall
SOLD
804,000 SF Retail (Super Regional Mall) Building Built in 1970, Renov 2003 (con't)
777 E Merritt Island Cswy - Merritt Square Mall
SOLD
804,000 SF Retail (Super Regional Mall) Building Built in 1970, Renov 2003 (con't)
Approximate Foodcourt seats=400
Property Notes
Parcel Number: 24-36-36-00-00254.1000.00, 24-36-36-00-00253.1000.00, 24-36-36-00-00280.0000.00, 24-36-36-00-00556.0000.00, 24-36-36-00-00296.0000.00
Lengthy legal refer to deed
Legal Description:
County: Brevard
Plat Map: 777 E Merritt Island Cswy - Merritt Square Mall
777 E Merritt Island Cswy - Merritt Square Mall
SOLD
804,000 SF Retail (Super Regional Mall) Building Built in 1970, Renov 2003 (con't)
390 N Orange Ave - Bank of America Center
Orlando, FL 32801 - Downtown Orlando SubmarketSale on 11/16/2006 for $96,250,000 ($228.58/SF) - Research Complete 421,069 SF Class A Office Building Built in 1987
SOLD
7
Buyer & Seller Contact Info
Recorded Buyer: ACP/Utah Orange Avenue, LLC Recorded Seller: US Office Holdings LP
True Buyer: True Seller: Blue Capital Investment
19401-19415 S Dixie Hwy Miami, FL 33157 (305) 933-7100 Lacy, Ltd. 1620 Eye St NW Washington, DC 20006 (202) 822-9200
America's Capital Partners, LLC
3225 Aviation Ave Miami, FL 33133 (305) 995-9998
Buyer Type: Seller Type: Pension Fund
Developer/Owner-RGNL Developer/Owner-NTL
Buyer Broker: Listing Broker: Cushman & Wakefield of Florida Inc.
Mike Davis
(813) 223-6300
Cushman & Wakefield of Florida, Inc. Rick Solik
(407) 841-8000
No Buyer Broker on Deal
Sale Date:
Price/SF: Sale Price:
Actual Cap Rate:
$228.58 $96,250,000-Confirmed 11/16/2006 (92 days on market) Bldg Type: Land Area: Year Built/Age: RBA: 5.11% Office Built in 1987 Age: 19 421,069 SF 2.31 AC (100,624 SF) Percent Leased: 100.0% Transaction Details Asking Price:
-Price/AC Land Gross: $41,666,666.67
Total Value Assessed: Improved Value Assessed: Land Value Assessed:
$55,610,292 in 2005 $49,005,935 $6,604,357 Percent Improved: 88.1% Land Assessed/AC: $2,859,029 Investment Sale Type: Transfer Tax: $673,750 ID: 1181477 -Spacer Tenancy: Multi
Escrow Length: 17 days
Parcel No: 26-2922-2263-00-020
Document No: 8977-2476
Sale History: Portfolio sale of 8 properties sold for $380,000,000 ($244.36/SF) on 04/08/2011 Sold for $96,250,000 ($228.58/SF) on 11/16/2006
Sold for $60,725,000 ($144.22/SF) on 03/18/1997
No. of Tenants: 26
Legal Desc: Lots 2 and 3 duPont Centre plat bk 16 pgs 47 and 48
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Tenants at time of sale: Allstate Insurance Company; Baker, Donelson, Bearman, Caldwell & Berkowitz, PC; Bank of America, N.A.; Best and Anderson, P.A.; Beusse Wolter SanksMora & Maire, P.A.; Broad and Cassel; Chicago Title Insurance Co.; ClearSky Technologies, Inc.; Dermalogica; DIGITAL ASSURANCE CERTIFICATION, L.L.C.; Enterprise Florida, Inc.; Forizs & Dogali, P.L.; Giles & Robinson, P.A.; Grower, Ketcham, Rutherford, Bronson, Eide & Telan; Holtzman & Equels P.A.; Jackson Lewis; Jones Lang LaSalle; Latham, Shuker, Eden & Beaudine, LLP; Law Offices of America; McMillen Law Firm A Professional Association; MTV; Sands, White & Sands; Stanton & Gasdick, P.A.; TraveLeaders Group, Inc.; Wicker Smith O'Hara McCoy & Ford P.A.; Winderweedle, Haines, Ward & Woodman PA
Bldg Type: Office A 77,756 SF Class: Total Avail: Bldg Vacant: Tenancy: Owner Type: Owner Occupied 74,598 SF Multi REIT No Bldg Status: Built in 1987 84.4% $25.00 % Leased: Rent/SF/Yr:
Typical Floor Size: Land Area: Elevators: Zoning: 15,038 SF 2.31 AC 10 with 1 frt AC-3A/T, Orlando
Current Building Information
RBA: 421,069 SF
Core Factor: 18.5%
Stories: 28
Building FAR: 4.18
Amenities: Banking, Convenience Store, Corner Lot, Dry Cleaner, Fitness Center, On Site Management, Property
Manager on Site, Restaurant, Security System
Parking: 36 Surface Spaces are available; 851 Covered Spaces are available; Ratio of 2.10/1,000 SF
Lot Dimensions: 307x295 Const Type: Masonry
Expenses: 2011 Tax @ $2.86/sf; 2011 Est Ops @ $10.14/sf
ID: 380776 Location Information Orlando Downtown/Downtown Orlando Metro Market: Submarket: County: Orange
Map(Page): American Map Corp 307
CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
Cross Street: Livingston St
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Easy access to I-4, the 408 Expressway and Orlando International Airport
On-site full-service banking with drive-through service, two ATM’s, cafe, hair salon, shoe shine/repair, auto detail and fitness center Bank of America Center has a unique architectural design that gives it one of the most outstanding images in Downtown Orlando. The courtyard provides a very relaxing area for tenants and guests. The beautiful interior finishes of wood, brass, marble and limestone are breathtaking, adding to the exquisite grand lobby.
Property Notes
390 N Orange Ave - Bank of America Center
SOLD
421,069 SF Class A Office Building Built in 1987 (con't)
390 N Orange Ave - Bank of America Center
SOLD
421,069 SF Class A Office Building Built in 1987 (con't)
Parcel Number: 26-2922-2263-00-020
Lots 2,3 DuPonte Centre
Legal Description:
County: Orange
Plat Map: 390 N Orange Ave - Bank of America Center
Plat Map: 390 N Orange Ave - Bank of America Center
390 N Orange Ave - Bank of America Center
SOLD
421,069 SF Class A Office Building Built in 1987 (con't)
300 S Orange Ave - Lincoln Plaza
Orlando, FL 32801 - Downtown Orlando SubmarketSale on 02/26/2010 for $52,250,000 ($212.30/SF) - Research Complete 246,117 SF Class A Office Building Built in 2000
SOLD
8
Buyer & Seller Contact Info
Recorded Buyer: 300 South Orange, LLC Recorded Seller: PRU-LPC St Center LLC
True Buyer: True Seller: Prudential Real Estate Investors
8 Campus Dr
Parsippany, NJ 07054 (973) 734-1300
GLL Real Estate Partners, Inc.
200 Orange Ave Orlando, FL 32801 (407) 233-1991
Buyer Type: Investment Manager Seller Type: Investment Manager
Buyer Broker: Listing Broker: CWCapital LLC
David Pepe
(407) 999-9989
Rockwood Real Estate Advisors Dan McNulty
(212) 286-5800
Michael Lerner
(212) 286-5800
No Buyer Broker on Deal
Sale Date:
Price/SF: Sale Price:
Actual Cap Rate:
$212.30 $52,250,000-Confirmed 02/26/2010 (117 days on market) Bldg Type: Land Area: Year Built/Age: RBA: 8.80% Office Built in 2000 Age: 9 246,117 SF 1.29 AC (56,371 SF) Percent Leased: 93.0% Transaction Details Asking Price: $52,000,000
Price/AC Land Gross: $40,375,550.58
Total Value Assessed: Improved Value Assessed: Land Value Assessed:
$47,330,446 in 2009 $41,129,196 $6,201,250 Percent Improved: 86.9% Land Assessed/AC: $4,791,940 Investment Sale Type: Transfer Tax: $365,750 ID: 1881641 -Spacer Tenancy: Multi
Escrow Length: 90 days
No. of Tenants: 19
Tenants at time of sale: Ameriprise Financial, Inc.; Asset Management Advisors; Berkadia Commerical Mortgage LLC; Digital
Legal; Finlayson-Stripling, Inc.; Fisher & Phillips LLP; Ford & Harrison LLP; Larsen and Associates; Law Office of J. Christopher Norris; Lincoln Property Company; Merrill Lynch & Co.; Nature's Table Café;
Parcel No: Financing:
26-2229-0027-00-030
Down payment of $52,250,000.00 (100.0%)
Document No: 10007-8998
Sale History: Sold for $52,250,000 ($212.30/SF) on 02/26/2010
Sold for $36,267,500 ($147.36/SF) on 09/21/2000 Non-Arms Length
Legal Desc: Lot 3 Sun Bank Center sec 26 T22 R29 bk 22 pg 120
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Tenants at time of sale: Ameriprise Financial, Inc.; Asset Management Advisors; Berkadia Commerical Mortgage LLC; Digital
Legal; Finlayson-Stripling, Inc.; Fisher & Phillips LLP; Ford & Harrison LLP; Larsen and Associates; Law Office of J. Christopher Norris; Lincoln Property Company; Merrill Lynch & Co.; Nature's Table Café; Nature's Table Inc.; Public Financial Management, Inc.; Randstad North America Lp; Retail Restaurant; Shutts & Bowen LLP; Trusco Capital Management; Walter P Moore
Transaction Notes
The following details regarding the sales transaction were confirmed by the primary parties involved.
On February 26, 2010, Prudential Real Estate Investors sold Lincoln Plaza, located at 300 S Orange Ave in Orlando, FL to GLL Real Estate Partners for $52.25 million, or $211.30 per square foot.
The subject property is a 246,100 SF office building with a 237,072 SF parking garage. It is located at the corner of S Orange Ave and W South St. The parking garage holds 591 parking spaces. The 16-story property was completed in 2000. At the time of sale, the subject property was 93.4% occupied by 19 tenants, all of which had full service lease deals.
The seller built the subject property with Lincoln Property Company. They divested in this asset "to realize their gain" of this Class-A asset. This deal proved the property's attractiveness to the marketplace.
No sales conditions were involved in this deal.
Ashley Dedekind of Lincoln Property Company will continue to manage the subject property. The buyer did not acquire any financing in the acquisition of Lincoln Plaza.
Projected pro forma data shows an NOI of $4.6 million for the end of the first year.
Income Expense Data
$3,077,012 $2,217,361 $859,651 Total Expenses - Operating Expenses - Taxes Expenses Bldg Type: Office A 70,258 SF Class: Total Avail: Bldg Vacant: Tenancy: Owner Type: Owner Occupied 61,853 SF Multi Investment Manager No Bldg Status: Built in 2000 87.0% $26.13 % Leased: Rent/SF/Yr:
Typical Floor Size: Land Area: Elevators: Zoning: 24,113 SF 1.29 AC 7 with 1 frt AC-3A/T, Orlando
Current Building Information
RBA: 246,117 SF
Core Factor:
-Stories: 16
Building FAR: 4.37
Amenities: 24/7 Building Access, Corner Lot, Energy Star Labeled, On Site Management, Security System
Elevator Banks: 1st-10th(6)
Parking: 591 free Covered Spaces are available; Ratio of 2.50/1,000 SF
Lot Dimensions: 241x237
Expenses: 2010 Tax @ $3.49/sf, 2012 Est Tax @ $3.73/sf; 2010 Ops @ $9.01/sf, 2012 Est Ops @ $8.68/sf
ID: 380712
Location Information Orlando
Metro Market:
300 S Orange Ave - Lincoln Plaza
SOLD
246,117 SF Class A Office Building Built in 2000 (con't)
300 S Orange Ave - Lincoln Plaza
SOLD
246,117 SF Class A Office Building Built in 2000 (con't)
Orlando Downtown/Downtown Orlando Metro Market: Submarket: County: Orange Map(Page): Trakker 44-T21 CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
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Adjacent to Orlando City Hall, SunTrust Center, Grand Bohemian Hotel and Church Street retail shops with easy access to Interstate 4 and East-West Expressway (408).
This building was awarded an Energy Star label in 2009 for its operating efficiency.
Property Notes
Parcel Number: 26-2229-0027-00-030
Lot 3 Adjusted Sun Bank Center A Replat plat bk 22 pages 120 and 121 less and except land deeded to City of Orlando
Legal Description:
County: Orange
Plat Map: 300 S Orange Ave - Lincoln Plaza
300 S Orange Ave - Lincoln Plaza
SOLD
246,117 SF Class A Office Building Built in 2000 (con't)
8151 Patterson Woods Dr - Patterson Court Apartments
Orlando, FL 32821 - Tourist Corridor SubmarketSale on 10/29/2010 for $67,250,000 ($148.48/SF; $175,130/Unit) - Research Complete 384 Unit, 452,928 SF Apartment Units Building Built in 2008
SOLD
9
Buyer & Seller Contact Info
Recorded Buyer: US LSTAR I LLC Recorded Seller: Alta Cast Housing LLC
True Buyer: True Seller: Wood Partners
3715 Northside Pky NW Atlanta, GA 30327 (404) 965-9965
USAA Real Estate Company
9830 Colonnade Blvd San Antonio, TX 78230 (800) 531-8182
Buyer Type: Investment Manager Seller Type: Developer/Owner-NTL
Buyer Broker: Listing Broker: CBRE
Malcolm McComb
(404) 923-1421
No Buyer Broker on Deal
Sale Date:
Price/SF: Sale Price:
Actual Cap Rate:
$148.48 $67,250,000-Confirmed 10/29/2010 (60 days on market) Bldg Type: Land Area: Sale Conditions: Year Built/Age: RBA: 6.75% Apartment Units Built in 2008 Age: 2 452,928 SF 21 AC (914,760 SF)
Investment Triple Net
Percent Leased: 100.0%
Transaction Details
Asking Price:
-Price/AC Land Gross: $3,202,380.95
Total Value Assessed: Improved Value Assessed: Land Value Assessed:
$35,239,308 in 2009 $31,399,308 $3,840,000 Percent Improved: 89.1% Land Assessed/AC: $182,857 Investment Sale Type: Transfer Tax: $470,750 GRM/GIM: -/-ID: 2002318 -Spacer
Escrow Length: 60 days
Parcel No: Financing:
23-2428-5111-01-000, 23-2428-5111-02-000 Down payment of $67,250,000.00 (100.0%)
Document No: 10131-9160
Legal Desc: Lots 1 & 2 Little Lake Bryan Par 8 bk 69 pgs 147 thru 149
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# Units:
Avg Unit Size: 1,111 SF
384 Price/Unit: $175,130
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Spacer
Spacer
no of units bed/bath avg unit size (sf) complex % month rent/low month rent/high
Unit Mix
96 1/1.0 772 25.0 -
-96 2/2.0 1,048 25.0 -
-192 3/3.0 1,312 50.0 -
-Transaction Notes
The following details were confirmed by the broker involved.
On October 29, 2010, Wood Partners sold the Patterson Court Apartments in Orlando, Florida to USAA Real Estate Company for $67.25 million.
The subject property is a 452,928-SF, 384-unit apartment complex that sits on 21 acres. It was completed in December of 2008. The unit mix is as follows: 96 one bedroom/one bath; 96 two bedroom/two bath; 192 three bedroom/three bath. It has 885 parking space, of which 21 spaces are handicapped. The subject property was built as a build-to-suit project for the tenant.
The subject property is master-leased to Walt Disney World Company, a subsidiary of The Walt Disney Co. The tenant then leases the subject property to students, who are enrolled in the Disney College Program, who live while working anywhere from three to twelve months. The subject property is one of four properties used in the program.
The tenant's lease commenced May 2008 with the delivery of the first building. The initial contract term will expire May of 2018. The lease agreement has three 5-year options. The tenant, through an absolute net deal, pays all leasing, management and operational expenses (including taxes and insurance). The buyer is responsible for structural capital expenditures.
The seller reported a 6.75% CAP Rate, based on the income in-place.
The seller marketed this motivator in their marketing materials: "The high credit quality of passive cash flows coupled with excellent asset quality and a tremendous location near Orlando's major attractions make Patterson Court a compelling investment opportunity." The lease deal in place was a definite factor in the inflated price.
Once the tenant vacates the property, the subject property is permitted to be rented as apartments or converted into condos. This was an all cash deal.
Income Expense Data
$4,539,375
Effective Gross Income - Vacancy Allowance + Other Income Gross Scheduled Income
Income
Cash Flow
$4,539,375
- Capital Expenditure - Debt Service Net Operating Income
Net Income
8151 Patterson Woods Dr - Patterson Court Apartments
SOLD
384 Unit, 452,928 SF Apartment Units Building Built in 2008 (con't)
8151 Patterson Woods Dr - Patterson Court Apartments
SOLD
384 Unit, 452,928 SF Apartment Units Building Built in 2008 (con't)
Bldg Type: Apartment Units
384 1,111 SF
# Units: Avg Unit Size:
Avg Vacancy: 0.0%
Current Building Information
Bldg Status: Built in 2008 452,928 SF
Bldg Size:
Typical Floor Size: 38,234 SF
Stories: 3
Parking: 899 Surface Spaces are available; Ratio of 1.20/1,000 SF; 2.34/Unit
Bldg Vacant: 0 SF
Owner Type: Investment Manager
Zoning: P-D
Rent/SF/Yr: For Sale Only
Elevators: 0 Land Area: 21 AC Expenses: 2009 Tax @ $1.02/sf ID: 7822263 Location Information Orlando
Tourist Corridor/Tourist Corridor
Metro Market: Submarket:
County: Orange
CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
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Parcel Number: 23-2428-5111-01-000, 23-2428-5111-02-000
-Legal Description:
County: Orange
Plat Map: 8151 Patterson Woods Dr - Patterson Court Apartments
8151 Patterson Woods Dr - Patterson Court Apartments
SOLD
384 Unit, 452,928 SF Apartment Units Building Built in 2008 (con't)
12100 Sterling University Ln - Sterling Central
Orlando, FL 32826 - University SubmarketSale on 12/01/2011 for $84,233,000 ($139.77/SF; $166,140/Unit) - Research Complete 507 Unit, 602,645 SF Apartment Units - Student Building Built in 2011
SOLD
10
Buyer & Seller Contact Info
Recorded Buyer: HSRE-UCF I, LC Recorded Seller: Sterling - UCF, LP
True Buyer: True Seller: Lee Chira & Associates
800 N Highland Rd Orlando, FL 32803 (407) 297-1600
The Dinerstein Companies John Caltagirone
3411 Richmond Ave Houston, TX 77046 (832) 209-1200
Harrison Street Real Estate Capital Brian Thompson
71 S Wacker St Chicago, IL 60606 (312) 920-0500
Buyer Type: Seller Type: Individual
Developer/Owner-NTL Investment Manager
Buyer Broker: No Buyer Broker on Deal Listing Broker: No Listing Broker on Deal
Sale Date:
Price/SF: Sale Price:
Actual Cap Rate:
$139.77 $84,233,000-Confirmed 12/01/2011 Bldg Type: Land Area: Year Built/Age: RBA: 6.50%
Apartment Units - Student Built in 2011 602,645 SF 10.40 AC (453,024 SF) Percent Leased: 98.5% Transaction Details Asking Price:
-Price/AC Land Gross: $8,099,326.92
Total Value Assessed: Improved Value Assessed: Land Value Assessed:
$67,721,514 in 2011 $30,530,655 $5,080,000 Percent Improved: 45.1% Land Assessed/AC: $488,461 Investment Sale Type: GRM/GIM: -/-ID: 2223600 -Spacer
Escrow Length: 60 days
Financing: Down payment of $38,483,000.00 (45.7%)
$45,750,000.00 from John Hancock Life Insurance Company (U.S.A.)
No. of Tenants: 1
Legal Desc: Lengthy legal...refer to deed.
Tenants at time of sale: Sterling Central
Parcel No: 10-2231-8965-01-001, 10-2231-8965-01-000
Document No: 10301-0620
Legal Desc: Lengthy legal...refer to deed.
Spacer
# Units:
Avg Unit Size: 1,206 SF
507 Avg Rent/Unit/Mo: Avg Rent/SF/Mo: $667 $0.55 SF of all Units: 1,842,987 $166,140 Price/Unit: Spacer Spacer Transaction Notes
The information included in this report was gathered from public record, a third party news source, as well as from sources deemed reliable. This transaction represents the sale of Sterling Central, a 507-unit apartment complex in Orlando, FL. The property, located at 12100 Sterling University Lane near the University of Central Florida, sold on December 1, 2011 for $84,233,000.
The owners assess the property on a per-bed basis, since each tenant on the building is on a seperate 12-month lease. Based on this assessment, the 1,527-bed property sold for $55,162 per bed.
One of our sources reported the property was approximately 98.5% occupied at the time of the sale. The source reported that Sterling Central traded at approximately a 6.5% cap rate.
The property delivered in two phases - the first in August 2010, and the second in August 2011. A source deemed reliable reported that the buyer entered in to negotiations with the seller and developer as the second phase was completing.
This source reported that the buyers were attracted to the property because of nearby University of Central Florida's large student body (currently the second largest in the nation), as well as the strength of the Orlando multi-family market in general.
Income Expense Data
$9,903,445
Effective Gross Income - Vacancy Allowance + Other Income Gross Scheduled Income
Income $4,428,300 $3,794,906 $633,394 Total Expenses - Operating Expenses - Taxes Expenses Cash Flow $5,475,145 - Capital Expenditure - Debt Service Net Operating Income
Net Income
12100 Sterling University Ln - Sterling Central
SOLD
507 Unit, 602,645 SF Apartment Units - Student Building Built in 2011 (con't)
12100 Sterling University Ln - Sterling Central
SOLD
507 Unit, 602,645 SF Apartment Units - Student Building Built in 2011 (con't)
Bldg Type: Apartment Units - Student
507 1,206 SF
# Units: Avg Unit Size:
Avg Vacancy: 5.0%
Current Building Information
Bldg Status: Built in 2011 602,645 SF
Bldg Size:
Typical Floor Size: 150,661 SF
Stories: 4
Parking: Free Covered Spaces; Free Surface Spaces
Bldg Vacant: 0 SF
Owner Type: Investment Manager
Zoning: P-D
Rent/SF/Yr:
-Elevators: 0
Land Area: 10.40 AC
Expenses: 2011 Tax @ $1.05/sf; 2011 Ops @ $6.30/sf
Site Amenities: Balcony/Patio, Basketball Court, Breakfast/Coffee Concierge, Cable Ready, Ceiling Fans, Ceramic/Tile Floors, Close to Public Transportation, Courtyard, Fitness Center, Gameroom, Grill, High Speed Internet, Media Center/Movie Theater, Pool, Property Manager on Site, Stainless Steel Appliances, Tanning Salon, Volleyball Court, Walk-In Closets, Washer/Dryer, Wi-Fi at Pool and Clubhouse
Metering: Individually Metered
ID: 8136038 Location Information Orlando University/University Metro Market: Submarket: County: Orange CBSA: Orlando-Kissimmee-Sanford, FL
DMA: Orlando-Daytona Beach-Melbourne, FL
CSA: Orlando-Deltona-Daytona Beach, FL
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Parcel Number: 10-2231-8965-01-001, 10-2231-8965-01-000
-Legal Description:
County: Orange
Plat Map: 12100 Sterling University Ln - Sterling Central
12100 Sterling University Ln - Sterling Central
SOLD
507 Unit, 602,645 SF Apartment Units - Student Building Built in 2011 (con't)