MIAMI—Following a successful repositioning plan to stabilize the foreclosed Baldwin Park office complex in Orlando, Stiles Realty brokered the sale of the class A office asset for $8.64 million. Orlando-based private investor MDS Baldwin Park acquired the assets.
The transaction represents the first office sale since 2010 in the 436 corridor submarket. The complex includes Baldwin Park I and II, totaling 64,695 square feet.
“Despite foreclosure and competition with office product in other well-located Orlando submarkets, we were able to attract national corporate tenants,” says Tom Kates, Stiles broker associate. “This helped us to take the asset from 27% to 85% occupancy during 2012, which is where it stood at the point of sale.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
