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News release

ORLANDO, FL

Orlando’s Tourist Corridor Proves It’s a Draw for Investors and Lenders

JLL closes sale and financing of Sea Harbor Office Center


ORLANDO, June 29, 2015 – Orlando’s booming tourist industry is beckoning much more than travellers in recent years as it gains ground as a compelling draw for investors and lenders as well.  On behalf of Lexington Property Trust, JLL’s Capital Markets experts today announced the firm has closed the sale of Sea Harbor Office Center, located in the heart of Orlando’s Tourist Corridor.  Northridge Capital purchased the eight-story Class A office building for $64,675,000.  JLL’s financing experts also secured a $40 million loan through Wells Fargo on behalf of the buyers.
 
International Director Jubeen Vaghefi and Managing Directors Jeff Morris and Denny St. Romain, along with Senior Vice President Charles Crapse and Vice President Bret Felberg led the JLL team on the sale and financing efforts.
 
“Orlando broke yet another record in 2014, playing host to more than 62 million visitors and we’re seeing that interest play out within the investment community as well,” said Morris.  “Sea Harbor Office Center is one of the most attractive, stabilized and institutional-quality properties the city has to offer and the city’s surging employment fundamentals bode well for its success in future years.”
 
Added St. Romain, “Lenders were drawn to Sea Harbor’s strong occupancy rates and leasing momentum—both of which have outperformed the market by a meaningful margin.”
 
Sea Harbor Office Center is a fully leased, 359,514-square-foot Class A office building, located just off International Drive and directly across the street from SeaWorld Orlando.  It also 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.
 
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2014 alone, JLL Capital Markets completed $118 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,700 specialists, operating all over the globe.
 
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About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $55.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com