ORLANDO—Millenia Centre, a 62,0000-square-foot class A office building on 3900 Millenia Boulevard in Orlando, had traded hands. The sale price: $11.8 million.
CBRE characterized the deal as a “highly competitive sales process.” Tampa-based BioSpine Institute ultimately acquired the building.
CBRE's Micah Strader and Tom Rich represented the seller, MF Trust, LLC, in the transaction. MF Trust acquired the property in January 2016 for $8.7 million and decided to proceed with the sale after seeing the robust demand for well-located, high-quality office assets.
“The transaction underscored the flight to quality that we have experienced throughout this real estate cycle,” Strader, first vice president of CBRE tells GlobeSt.com. “Users are looking to create a sense of place and have walkable access to amenities.”
Orlando is lagging in walkability. Cite Partners suggests adding more street lights and changing the flow of traffic is also key to increase safety and promote walkability. In Orlando, this visual and atmosphere improvement has been seen on International Drive, south of Sand Lake Road. Orlando visitors and residents will experience the same changes north of Sand Lake Road in the not-too-distant future.
“Orange County finished their International Drive Overlay Plans earlier this year, which is going to drastically enhance walkability in the iDrive tourist corridor,” John Krzyminski, director of the Central Florida Retail investment team at Cite Partners, tells GlobeSt.com. “Everyone that helped out with the planning and zoning spent an enormous amount of time researching what will have a positive impact for the record number or tourists and convention goers, without neglecting Orlando and Orange County residents.”
Built in 2008, Millenia Centre features unique on-site security and video surveillance, multiple unique water features, meticulous landscaping, and contemporary architecture. BioSpine plans to occupy the vacant 35,000 square feet. The three-story office property includes a parking garage with 300 spaces and covered access from the building.
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