6-story office building sells for $28 million
Parkway Properties Inc. has sold a six-story office building in Orlando, Florida. The buyer, a real estate investment company — IP Capital Partners LLC — is based out of Boca Raton, Florida. The selling price was $28.2 million. That equals out to approximately $174 per square foot. That means that Parkway Properties Inc. made a tidy profit of $2.6 million. It purchased the office building in August 2014.
The Millenia Park One office building is located on Vineland Road in the southwest part of the city. IP Capital Partners won’t be selling this property anytime in the near future because they usually hold onto their recently acquired properties for three to seven years. That gives the company enough time to achieve the returns they want. These kinds of properties are what the local market demands and why it also continues to attract those with cash.
Sales and purchases of commercial real estate in Orlando, Florida, can be a complex affair. Many of these properties located in the desirable submarkets are just what you might be looking for. It’s important to have the right legal representation during these kinds of real estate deals. Contracts for commercial real estate are not something that you believe is right — it has to be right.
An attorney can provide the legal guidance you need to ensure that your rights are protected, no matter if you are buying or selling the property. Real estate disputes are hopefully not something you will have to deal with after the sale. Avoiding these kinds of disputes can help save you a lot of time and money.
Source: Orlando Business Journal, “Breaking: Parkway Properties sells Millenia-area office building for $28M,” Anjali Fluker, Dec. 30, 2015