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ChampionsGate Sells in Distressed Deal

ORLANDO-Grubb & Ellis SVP Joe Rossi tells GlobeSt.com's Jennfier LeClaire banks are finally realizing it’s time to get more distressed assets off the books.

By Jennifer LeClaire | Updated on February 16, 2011

ORLANDO-ChampionsGate, a 44,605-square-foot office building, has sold for an undisclosed amount. The property marks another central Florida distressed sale.

Grubb & Ellis Senior Vice President Joe Rossi and Associate Vice President Bret Felberg represented the seller, Rosemont Realty, in the sale of the three-story, freestanding building. Ontario, Canada-based Vista Group purchased the distressed asset.   “The transaction was a success in achieving the goals of both the seller and their lender,” says Rossi. “The buyer owns a number of hotels, shopping malls and other commercial properties in Canada and the U.S. They are extremely pleased with their first office acquisition in the local Orlando market.”   Built in 2001, the building is located within ChampionsGate, a central Florida golf course community. ChampionsGate is close to Walt Disney World Resort and other tourist attractions. The building is more than 70% leased to nine tenants and will serve as an investment property for the buyer.

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