Area office brokers tell GlobeSt.com the $215-per-sf price is the highest to date for a single-story, class A structure. JYP Investment LLC of Orlando bought the property which will continue to be managed by Flagler, a subsidiary of Florida East Coast Industries Inc.
Corinthian Colleges Inc. of Santa Ana, CA is leasing the space for an estimated 10 years at an aggregate rent of about $12 million, based on an effective $20-per-sf rent, brokers familiar with the property tell GlobeSt.com. Florida Metropolitan University, a Corinthian enterprise, occupies the entire building.
"There is currently significant demand for build-to-suit buildings with strong credit tenants," says Flagler president G. John Carey. "We opportunistically capitalized on market conditions and sold this building for a substantial profit." Carey adds, "It was also a great kickoff to the second phase of our SouthPark Center project."
SouthPark Center, formerly called Gran Park at South Park, is planned for 2.9 million sf of office and commercial space at the intersection of John Young Parkway and the Beeline Expressway. When completed, the park will be one of the largest class A office hubs in the state, brokers following the project tell GlobeSt.com. The park currently consists of 703,000 sf of class A product.
"This sale was reflective of Flagler's hard work and thorough understanding of the Orlando office market," says Robert W. Anestis, chairman, president and CEO of Florida East Coast Industries, Flagler's parent. "As a result, the building was completed under budget and earlier than expected." The building was finished in September 2003 and is the first structure in the second phase of SouthPark Center.
SouthPark is a component of the 4,000-acre Orlando Central Park, the oldest and largest business park in metro Orlando. Lockheed-Martin Corp. owns Orlando Central Park.
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