An affiliate of Atlanta-based Brookdale Group has acquired the Colonial Center at TownPark, a four-building, 662,320 square foot office portfolio located in the Orlando submarket of Lake Mary. The four buildings along Colonial Center Parkway were built between 2001 and 2006 and are currently 97 percent leased. Anchor tenants include Hartford Fire Insurance Company, Bank of New York, Fiserv, Pershing and IBM. The buildings are situated in Colonial TownPark, a 200-acre, urban-style, live-work-play community which broke ground in 2001. The Capital Markets team of Cushman & Wakefield represented the seller, a fund advised by New York-based DRA Advisors. With a reported sales price of over $130 million, the transaction is the largest brokered suburban office portfolio sale in Orlando history.
āAs Orlandoās only true live-work-play environment, Colonial Center at TownPark has been able to command market leading rental rates and maintain occupancy levels in excess of 90 percent in each of the past ten years, which were significant driving factors for investors,ā stated Mike Davis, Executive Managing Director, Cushman & Wakefield.
