Miami-based Banyan Street Capital has acquired the Primera III office building in Lake Mary for $22.7 million. Located 20 minutes north of downtown Orlando off Interstate 4, the 152,928 square-foot, six-story building is located at 605 Crescent Executive Court. The building traded for $148.11 per square foot and was 75 percent leased at the time of the sale. The seller, Sun Life Assurance Co. of Canada, was represented by Cushman & Wakefield.
Banyan Street Capital now owns four of the five existing Primera office park buildings, having bought Primera I and II for a combined $78.2 million in July 2013, and Primera IV for $13.7 million in January 2014. It also has an interest in Primera V. “This transaction was a win-win scenario for both parties involved,“ Michael Lerner said. ”Our client was able to achieve strong pricing and a quick sale, while Banyan, with this acquisition, now owns five office buildings in Primera providing economies of scale and a strategic leasing advantage.”
