Regions Southeast | Orlando
Nov 28, 2007
By: Michael Fickes, Contributing Correspondent
Orlando-based Eola Capital today closed on the $50 million acquisition of two office buildings in Orlando.
The four-story, 267,000-square-foot Maitland Forum and the four-story 102,000-square-foot Park Center (pictured) are located in the rapidly growing submarket of Maitland Center, just north of Orlando’s Central Business District. DRA Advisors and Tower Realty were the sellers.
Maitland Forum is 99 percent occupied and Park Center is almost as full at 95 percent occupancy. Both feature on-site cafes, large floor plates and four parking spaces per 1,000 square feet. Despite the amenities and solid occupancy rates, Eola Capital is planning substantial capital improvements.
According to a Grubb & Ellis Co. research report, the Orlando office market continued to struggle with the effects of the housing slump during the third quarter of 2007. In the city, Class A office rents rose 2 percent to $27.96. Downtown vacancy rates, meanwhile, remained steady at 15.2 percent. The market absorbed only 3,000 square feet in the quarter. For the year, the absorption rate is negative 18,903 square feet.
This is the fourth major Eola Capital transaction of the year. In May, the company announced the acquisition of One Orlando Centre, a Class A office building in Orlando. The company also announced the purchase of a 17-building 2.25 million-square-foot office portfolio from St. Joe’s in May. In April, Eola bought a Class A office building in Atlanta’s Peachtree Corners.
A privately held real estate investment firm, Eola owns, operates and manages office properties throughout the southeastern United States. The firm’s strategy is to acquire real estate that achieves above average, risk-adjusted returns.
By: Michael Fickes, Contributing Correspondent
Orlando-based Eola Capital today closed on the $50 million acquisition of two office buildings in Orlando. The four-story, 267,000-square-foot Maitland Forum and the four-story 102,000-square-foot Park Center (pictured) are located in the rapidly growing submarket of Maitland Center, just north of Orlando’s Central Business District. DRA Advisors and Tower Realty were the sellers.
Maitland Forum is 99 percent occupied and Park Center is almost as full at 95 percent occupancy. Both feature on-site cafes, large floor plates and four parking spaces per 1,000 square feet. Despite the amenities and solid occupancy rates, Eola Capital is planning substantial capital improvements.
According to a Grubb & Ellis Co. research report, the Orlando office market continued to struggle with the effects of the housing slump during the third quarter of 2007. In the city, Class A office rents rose 2 percent to $27.96. Downtown vacancy rates, meanwhile, remained steady at 15.2 percent. The market absorbed only 3,000 square feet in the quarter. For the year, the absorption rate is negative 18,903 square feet.
This is the fourth major Eola Capital transaction of the year. In May, the company announced the acquisition of One Orlando Centre, a Class A office building in Orlando. The company also announced the purchase of a 17-building 2.25 million-square-foot office portfolio from St. Joe’s in May. In April, Eola bought a Class A office building in Atlanta’s Peachtree Corners.
A privately held real estate investment firm, Eola owns, operates and manages office properties throughout the southeastern United States. The firm’s strategy is to acquire real estate that achieves above average, risk-adjusted returns.
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