June 29, 2016
Sun Life Assurance of Canada struck a deal with Colorado-based Real Capital Solutions to sell its five-building 297,582-square-foot Technology Park in suburban Orlando. The sales price was $21.3 million. Michael Lerner, Mike Davis and Rick Brugge with Cushman & Wakefield represented the seller.
Technology Park consists of five Class A, single-story office, flex and warehouse/distribution buildings at 100, 200, 250, 255 and 525 Technology Pkwy. The portfolio was 58% leased at the time of sale.
“The portfolio’s variety in product type and space configurations provide flexibility when competing for tenants, which is a strategic advantage over its competitors,” Lerner said. “Our client was able to shed a non-core asset at market pricing and the buyer has the opportunity to add significant value through repositioning and lease-up of remaining vacancy.”