The property is located at 8301 South Park Circle in Orlando, FL.
COHASSET, MA / ACCESSWIRE / May 10, 2021 / A joint venture between Pacer Partners and Drake Real Estate Partners has sold a 68,200 square foot office property to Costco Innovel Solutions, LLC. The property is located within South Park Center, one of the premier office parks in South Orlando. The property was previously acquired by the joint venture in November 2018.
The property is located at 8301 South Park Circle in Orlando, FL.
At the time of acquisition, the property was 100% leased to a single tenant. Ownership negotiated an accretive lease buyout with the tenant and subsequently sold the property. The JLL team of John Gilbert and Darryl Hoffman represented the joint venture in the sale of the property.
"This sale is another example of our continued success in leveraging our extensive tenant advisory experience to identify assets that are highly functional and remain in demand despite a more uncertain office environment. We had several users considering a full building occupancy for this property despite the ongoing COVID pandemic." said Pacer Partners Principal Aaron Nuetzman.
"We are enthused by yet another successful exit alongside our long-time partner, Pacer Partners. We look forward to continued success through our programmatic venture acquiring mostly single-tenant industrial and office assets at an attractive basis," said co-founder Nicolas Ibanez.
About Pacer Partners
Pacer Partners is a boutique real estate investment and asset management company with offices in the New York City and Boston areas.
Pacer was founded by Jon Bourbeau, who was formerly one of the top tenant advisors in the country. The firm's executive team has extensive experience across investing, capital markets, leasing, management, and advisory at large institutions.
Pacer pursues thematic real estate investment strategies that provide opportunities to purchase high-quality real estate at a discount to intrinsic value. Pacer employs a value investing philosophy with a rigorous focus on underwriting, due diligence, asset management, and ultimate disposition. Underwriting is based on multiple well-defined discrete cash flow scenarios.
Pacer seeks to build long-term partnerships and generate attractive risk-adjusted returns for its partners, investors, and lenders.
For further information, visit www.pacerpartners.com.
About Drake Real Estate Partners
Founded in 2012, Drake Real Estate Partners is a real estate investment and asset management firm based in New York City. Drake seeks to invest in high-quality, income-producing real estate assets at a significant discount to replacement cost and drives value by focusing on repositioning, leasing, and improving operations. Drake uses the flexible, long-term nature of its capital to its advantage by seeking out opportunities that have been overlooked by other investors. Drake has completed over $1.5 billion in transactions to date and has invested across a variety of geographies and property types, including multifamily, industrial, office (incl. medical office and creative office), self-storage, senior housing, retail, and hospitality.
Drake is a proud member of 1% For The Planet, donating 1% of the firm's revenues to not-for-profit conservation-related initiatives in the markets in which it invests.
For further information, visit www.drakerep.com.
CONTACT:
Aaron Nuetzman
Pacer Partners
617-553-4475
an@pacerpartners.com
SOURCE: Pacer Partners
View source version on accesswire.com:
https://www.accesswire.com/646251/Pacer-Partners-Drake-Real-Estate-Partners-Sells-68200-SF-Office-Property-in-Orlando-Florida
