Q2 2012 Orlando, Florida Office Property Sales Analysis

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Q2 2012 Orlando, Florida Office Property Sales Analysis


Sales activity has been erratic but mostly slow. One large sale in the first quarter (The Brookdale Group’s $131.5 million, $201 psf, acquisition of the 654,618-square-foot SunTrust Center at a 4.4% cap rate) was followed by two the quarter after for a combined total of only $17.1 million at a mean selling price and average cap rate of $85 psf and 11.1%. In the largest of the pair, Tower Realty Partners paid MetLife Real Estate Investments $14.2 million ($88 psf) for the 161,974-square-foot Century Plaza Class B/C multi-tenant property in Orlando. The deal closed in May at an 11.1% cap rate. The building was 18.0% vacant at sale date.