Lincoln Property Co. acquired a 1.5-acre site in downtown Orlando, FL, where it plans to develop Tremont Plaza, an $81-million, 28-story mixed use project. The property, at 225 S. Garland Ave., would be Orlando’s first downtown office tower in roughly a decade.
An affiliate of Lincoln Property, Lincoln Church Street LLC bought the site for $11 million from TSLF Church Street Development LLC, an affiliate of Boston-based Tremont Realty Capital. It is planned for 200,000 square feet of office space, a 180-room AC Hotel by Marriott, 10,000 square feet of meeting space, 600 parking spaces and ground-level retail.
In a separate transaction mere steps away, Blackstone’s BREIT MF acquired 55 West on Church Street for $105 million. The 33-story, 461-unit apartment community includes 74,000 square feet of commercial space. The asset was acquired from an affiliate of Boston-based TA Associates Realty LLC, and Realty Associates Fund IX LLC.
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