A pair of Florida office/flex properties has sold for a combined $32 million.City-based Praedium Group, a prolific buyer of underperforming and undervalued assets, sold both properties to Leasco Management Co. of Costa Mesa, Calif.
Praedium owned the two properties, the Orlando Airport Business Center and the Northlake Business Center, with joint venture partner Tower Realty Partners, Inc. Both properties, which are 100% occupied, traded for roughly $120 per sq. ft. The Praedium/Tower group bought each property during the course of 2005.
“Both [properties] were attractive opportunities because of the strong demand for office/flex space in the area,” says Mark Lippmann, vice president of Praedium. “After acquiring the properties, we moved quickly to stabilize the assets. As a result, we were able to execute our business plan sooner than expected and exceed ourreturn in a short period of time.”