Atrium Tower Sells in Nearly $20M Off-Market Deal

ORLANDO-Atrium Tower, a 106,611-sf office building, has generated a sales price of $19.75 million or $185.25 per sf, even though the class A structure is located in a class B submarket at 7680 Universal Blvd. Privately held Oakley Groves Inc. of Lake Wales bought the 100%-leased property from locally based Batac Corp.

Joe Rossi, vice president of locally based Grubb & Ellis/Commercial Florida’s Investment Group, tells GlobeSt.com the price was “fair, in an area where fair market value deals are tough to find.”

Rossi, associate Bret Felberg and Jeffrey Sweeney, managing principal and president of Grubb & Ellis/Commercial Florida, negotiated for Thomas E. Oakley, president of Oakley Groves. David Bates of locally based Republic Properties Inc. represented the seller. Batac had owned the property for 4.5 years. Roger M. Ross, chief financial officer at Oakley Groves, also participated in the transaction.