Orlando Office Market Remains Attractive
Northridge Capital, LLC, an independent real estate asset management firm based inWashington, DC, today announced that it had purchased the Sea Harbor Office Center, located in Orlando's tourist corridor. Northridge Capital purchased the eight-story Class A office building on behalf of a group of overseas investors for $64,675,000.
Sea Harbor Office Center is a fully leased 359,514-square-foot Class A office building located off International Drive and across the street from SeaWorld. It features an adjacent five-level parking structure and three surface parking lots. The property underwent an$18 million total renovation in 2010 with additional improvements including a state-of-the-art fitness center and a fully upgraded cafeteria.
"Orlando is an increasingly attractive market for U.S. and overseas capital," said David Jackson, president of Northridge Capital. "Our investors – offshore institutional and high-net worth individuals – focus on Class A properties with strong cash flows from credit tenants and this asset is ideal for both that investor and the office market demands of this submarket."
An additional $40 million Shariah-compliant loan through Wells Fargo was also secured by Northridge Capital to complete the purchase and financing of Sea Harbor Office Center.
Northridge Capital's affiliate, Northridge Property Management LLC will serve as the property manager for Sea Harbor Office Center, a strategic shift for the firm as it focuses on income investments.
Jones Lang LaSalle brokered the sale and financing. International Director Jubeen Vaghefi and Managing Directors Jeff Morris andDenny St. Romain, along with Senior Vice President Charles Crapse, led the JLL team on the sale and financing efforts.
About Northridge Capital
Northridge Capital, LLC, is an independent real estate asset management firm that has invested in more than 40 assets on behalf of investors, with a combined acquisition value of approximately $800 million. Based in Washington, D.C. since its founding in 1997, the company focuses on generating superior risk-adjusted returns for international high net-worth individuals and institutions. It acquires, manages and sells real estate assets across a wide variety of property types and geographic areas.