Damien Madsen and Tommy Pinel Represented Springs Equity, Ltd. in the Disposition of the ±33,000-Square-Foot Longwood Office Building
ORLANDO, FL, April 26, 2017 —Cushman & Wakefield announced today that it has negotiated the sale of Seminole Springs Office Center, a 32,975-square-foot office building in suburban Orlando.
Managing Director Damien Madsen and Senior Associate Tommy Pinel represented seller Springs Equity, Ltd. in the disposition of the asset. Seminole Springs Office Center, LLC acquired the asset for $4.1 million ($124.34 per square foot).
Seminole Springs Office Center is a three-story professional office building featuring classic red brick construction, bank space and drive-thrus as well as ample parking. The building is currently 65 percent leased. Notable tenants include Waste Pro, a waste services company with 75 offices throughout the Southeast that is headquartered at Seminole Springs Office Center.
The building is located on a 1.75-acre site at 2101 West State Road 434 in Longwood at a signalized intersection. This location offers excellent exposure and convenient access to Interstate 4 less than one-quarter mile east of the property.
The acquisition did not include 50 percent of the underlying land, which is on a ground lease. This unsold 50 percent interest in the underlying land is valued at approximately $1.05 million.
“This was a great transaction for all parties involved. A true win-win solution,” said Madsen. “The process, sale and closing all took place with no issues.”
“This was a terrific opportunity for the buyer to acquire a well-positioned asset with excellent upside in a strong market,” added Pinel.
The team is also marketing the Point 100 Offices at 100 East Sybelia Avenue, a ±41,000-square-foot office building in Maitland, FL owned by an affiliate of Springs Equity, Ltd.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.