Colonial Town sets office record for Central Fl, brokers say

May 18--Affiliates of Atlanta-based Brookdale Group purchased Colonial Center at Town Park for $136 million, records show, in what brokers say is Central Florida's largest sale of a suburban office campus.

Cushman & Wakefield represented a fund advised by New York-based DRA Advisors LLC in its sales of the four buildings with 662,320 square feet of office space built from 2001 to 2006.

A centerpiece of Lake Mary's west wide, the properties were 96.9 percent leased at the time of sale. Tenants include Hartford Fire Insurance Company, Bank of New York, Fiserv, Pershing and IBM. Colonial TownPark is a residential, retail, and office community with about 200 acres near Interstate 4 and State Road 417.

The Cushman & Wakefield Capital Markets team of Executive Managing Director Mike Davis, Executive Director Michael Lerner, and Executive Director Rick Brugge worked on the sale and had earlier teamed up on the $130 sale of nearby Primera Towers in November. Miami-based Banyan Street Capital funds, managed by Oaktree Capital Management, and Munich-based Balandis AG purchased the property. In addition to Davis, Lerner and Brugge represented the sellers.

Parmenter Realty Partners purchased the Primera portfolio with 771,826 square feet in five mid-rise office buildings on about 50 acres. Built from 1997 to 2000, the buildings were 88 percent leased at the time of the sale and are home to tenants including Blue Cross & Blue Shield, Liberty Mutual, Paylocity, D+H, Dixon Ticonderoga and HNTB.

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