Sun Life Makes Second Buy from Crescent

LAKE MARY, FL-Sun Life Financial has acquired its second class A office asset from Charlotte, NC-based Crescent Resources LLC for $15 million. The Toronto-based financial services company bought Primera IV, a five-year-old, four-story, 124,000-sf building facing Interstate 4 at Lake Mary Boulevard here, 18 miles north of Downtown Orlando.

Sun Life purchased Primera III, a four-story, 153,000-sf building in 2002 for $20 million or $130.71 per sf, says a Crescent spokesperson. Crescent leases and manages both buildings for Sun Life.

Crescent is developing a planned 240-acre, three-million-sf class A office campus in Lake Mary at Crescent at Primera and New Century Park, projects the developer began with a single class A office building in 1997. The North Carolina developer is also completing Resource Square at Central Florida Research Park in east Orange County and the Gateway Crossing Shopping Center in Altamonte Springs.