SurgarOak paid Denver-based Alliance Commercial Partners $7.35 million or $86.47 per sf for the four-story structure one block from Interstate 4 and Lee Road, one of the area's aggressive retail and office submarkets.
Richmond, VA-based John B. Levy & Co. arranged and structured the financing for the acquisition. The $5.6 million loan is at a fixed-rate of 6.85% for 10 years and represents 77% of the total purchase price.
"The Orlando regional (office) market is rather soft with a vacancy rate hovering at 16% which provided a challenge and further demonstrates that financing is available for viable projects," John Levy, president, John B. Levy & Co., says in a prepared statement.
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