The buildings acquired were the four-story, 266,881-sf Maitland Forum building at 2600 Lake Lucien Drive and the four-story, 102,169-sf Park Center building at 2500 Maitland Center Parkway. Both contain on-site cafes, large floor plates and a four space per 1,000-sf parking ratio.

"Maitland Center is one of the tightest submarkets in Florida," says Eola Capital founder and CEO Jim Heistand, in a prepared statement. "With this acquisition, we're strengthening our position in one of the Southeast's strongest markets. Orlando, and especially Maitland Center, has a lot of potential right now, with strong employment, single-digit vacancy and rental-rate growth that we expect to continue."

The sellers were New York City-based DRA Advisors and Maitland-based Tower Realty Partners Inc. Maitland Center is located near Interstate 4 and connects the Tampa, Lakeland, Orlando and Daytona Beach areas. The properties were capitalized through a joint venture with a public sector fund and a private equity fund raised and managed by Eola Capital's principals. Bank of America will provide debt for the transaction. Eola Capital plans to make capital improvements to the properties.