NGKF Capital Markets announces $10.7 million in Orlando retail and office transactions as CenturyLink disposes its seven-story office building for $6.2 million and Boca Brickell 13 LLC sells a 7-Eleven convenience store for $4.5 million.
Executive Managing Directors Adam Greenberg and Michael Lapointe, and Managing Director Michael Lohmann, represented the seller, Boca Brickell 13 LLC, in the sale of a 4,798-square-foot, single-tenant leased gas station. The 7-Eleven store and gas station is located on 0.90 acres in Winter Garden, Florida. This marks the fourth transaction the Miami capital markets team has closed in the greater Orlando market since August 2015, with a cumulative deal total of over $100M.
In addition to the Winter Garden transaction, NGKF Managing Director Michael T. Davis also represented the owner, CenturyLink, a Louisiana-based global communications company, in the investment sale of its 100,000-square-foot, Class A office space in Altamonte Springs, Florida. The property at 850 East Altamonte Drive is 100 percent leased and features a full generator back-up and access to Central Florida’s new commuter rail system.
“We’re seeing an increase in capital market transactions in office submarkets before the area supported new multi-tenant construction,” said Jason Schrago, executive managing director in the NGKF Orlando office. “Many office-building owners have been waiting for improved market dynamics in order to exit with minimal loss or at a net positive investment return. Some new-to-market investors, some now see a positive trend and are ready to deploy capital in the Orlando economy.”
Investors are acquiring highly sought-after multi-tenant and single tenant buildings in every Orlando submarket. NGKF has office tenant clients within buildings in South Orlando, Downtown, Maitland and Lake Mary that have traded very favorable leases and lease renewals within the past six months.
“We’ve been able to secure very favorable lease renewal terms with new owners rather than implementing an unnecessary and costly relocation,” said Schrago.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.