Miami-based Parmenter Realty Partners has acquired Primera Towers, a five-building Class A office portfolio in Lake Mary, FL for $130 million. Located 15 miles Northeast of downtown Orlando, the 771,826 sqf office portfolio changed hands for just over $168 per sqf. Developed between 1997 and 2000, the asset was 88 percent leased at the time of sale with tenants including Blue Cross & Blue Shield, Liberty Mutual, Paylocity, D+H, Dixon Ticonderoga and HNTB. Cushman & Wakefield’s Capital Markets team represented an ownership venture of Miami-based Banyan Street Capital, funds managed by Los Angeles-based Oaktree Capital Management and Munich-based Balandis AG. The sale represents the largest office transaction in the greater Orlando metro area since 2002.
“Our clients created tremendous value by consolidating the previously fractured ownership structure that existed within Primera,” said Michael Lerner, Senior Director Cushman & Wakefield. “This best-in-class portfolio was acquired from four different owners over the past 10 years and this sale represents the first time in the park’s history that all five buildings are controlled by one group.”
