8/30/2007

Joint venture buys Orlando office portfolio for $50.4 million

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3045 Technology Parkway

A joint venture between Orlando-based Tower Realty Partners and New York-based DRA Advisors purchased a five building office property in Orlando for $50.4 million.

Ronald Rogg of CB Richard Ellis' Central Florida investment properties group and Jeff McFadden of McFadden Realty Advisors represented the seller, Winter Park-based Taurus Southern Investments.

Cliff Stein and Reid Berman of Tower Realty and Dan Goldman of DRA Advisors represented the buying venture.

The 272,201 square foot portfolio consists of four office properties and a 6.5-acre development site in Orlando's University Research submarket.

Taurus purchased the property in Oct. 2005 for $32.4 million.

Los Angeles-based CB Richard Ellis is a commercial real estate brokerage firm.

Tower Realty Partners is a commercial real estate company that specializes in real estate investment and development, brokerage services and property management.

DRA Advisors is a real estate investment firm that currently manages over $8 billion in real estate assets nationwide.

Size: 272,201 square feet/6.5-acre development site

Built: Research Commons 1989; University Tech Center buildings 1998; Technology Point I 1986; Technology Point II 1989

Portfolio includes:

-Research Commons building at 12249 Science Dr., a 129,982 square foot, four-story building.

-University Tech Center flex office buildings at 12501 and 12565 Research Parkway, 2 two-story 83,454 square-foot buildings.

-Technology Point I building at 3045 Technology Parkway, a 30,000 square foot, two-story building.

-Technology Point II building at 3051 Technology Parkway, a 30,956 square foot, two-story building.

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Filed Under: Office

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