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Downtown Orlando’s boom continues with the sale of landmark Church Street Station North and The Exchange Building.
ORLANDO – January 31, 2018 – JLL Capital Markets today announces the closing of the $14.2 million sale of the northern portion of Church Street Station, downtown Orlando's landmark entertainment center, and The Exchange Building, an adjacent office property, to a private equity firm. The properties span a nearly full block at the intersection of Church Street and Garland Avenue.
At the 28,846-square-foot Church Street Station, tenants include Lion's Pride Soccer Pub & Grille and Cevíche Tapas Bar & Restaurant. The Exchange Building, a three-story property of about 87,000 square feet, was originally designed as an indoor urban mall, but has since been repurposed as creative office space and is home to Canvs, a co-working space housing dozens of technology-related companies.
The JLL Capital Markets team, led by Managing Directors Carson Good and Jeff Morris, along with Bret Felberg, Tarik Bateh, Scott Peek, Justin Greider and Aaron Gray represented the seller, TSLF I, an investment fund managed by Tremont Realty Capital, an operating division of The RMR Group LLC. The RMR Group LLC is an alternative asset management company with approximately $28.5 billion of total assets under management.
"Church Street Station is a high-profile landmark property that attracted tremendous interest from both local and national investors. Tremont and JLL's leasing team have successfully curated The Exchange into Central Florida's tech hub, bringing in new users who didn't previously seek out the downtown market," said JLL's Carson Good. "The challenge was to identify a buyer who brought the ability to execute a plan to create value in a complex retail and mixed-use property. We were able to leverage the urbanization of downtown Orlando into sincere interest from highly qualified, sophisticated investors and developers to achieve a great result for our client, Tremont."
"This was a highly complex transaction on an integrated mixed-use property," said Steven Skelley, Portfolio Manager for Tremont. "Carson Good and the JLL team did an outstanding job of simplifying complex issues around this transaction."
Church Street Station is within walking distance of major destinations, including the Amway Arena, Dr. Phillips Center for the Performing Arts, Orlando City Soccer Stadium and the newly renovated Camping World Stadium. The transit-oriented property is directly linked to downtown's SunRail station and within a five-minute drive of exits to Interstate 4 and State Road 408/East West Expressway.
The city's historic center, Church Street District, is in the midst of a transformation that will make it the centerpiece of downtown Orlando's Class A office, residential and entertainment core over the years to come. A major residential boom has added 1,800 new apartments since 2014, adding a high concentration of younger residents that has already led to a flurry of retail, restaurant and bar openings to cater to the growing residential base. Downtown Orlando's population, currently at more than 18,600, is projected to expand over the next five years, making it one of the fastest-growing metro areas in the nation.
"This is the third downtown Orlando property we've sold recently," JLL's Carson Good added. "All have generated tremendous interest from investors who recognize the value of owning real estate in Orlando's thriving urban core."
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit
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