Demand for Fla. investment continues with sale of Celebration Business Ctr.
JLL Capital Markets completed the sale of the two-building, value-add office property in Celebration, Florida
ORLANDO, Oct. 25, 2021 – JLL Capital Markets announced today that it has closed the sale of Celebration Business Center, a two-building office property totaling 106,068 square feet in Celebration, Florida.
JLL represented the seller, Bridge Investment Group, in the sale of the property to Denholtz Properties.
“Bridge has a proven strategy in creating next-generation workplaces that align with the needs of today’s workforce, which is reflected in the successful repositioning of Celebration Business Center,” said Kelly Kuykendall, Managing Director of Asset Management at Bridge Investment Group. “The building’s overall strong leasing performance enabled us to exceed our investment objectives on this project, and we are pleased to partner with JLL on closing another successful milestone in our Central Florida portfolio.”
Celebration Business Center comprises two single-story buildings that offer unique, flexible floorplates for office, medical office and creative office tenants. Completed in 1997, Celebration Business Center is 82% leased to a mix of local and national tenants and is anchored by Walt Disney World.
The properties are positioned on 9.12 acres at 1120 and 1130 Celebration Blvd. in the Tourist Corridor submarket of Orlando. The master-planned community of Celebration was developed in the 1990’s and is one of the most successful in the state, boasting a live-work-play community with top-rated schools, golf courses, walking trails, community centers and numerous retail shops, cafes and restaurants. In addition, the property is close to two heavily trafficked interstates, The Greenway and Interstate 4, providing regional access throughout the Orlando MSA and beyond.
The JLL Capital Markets team representing the seller was led by Senior Director Robbie McEwan.
“Central Florida continues to see strong interest from investors due to population migration and strong economic fundamentals,” McEwan stated. “Single-story office product has commanded record pricing due to its flexibility of layout, tall ceiling heights, lack of shared common areas limiting COVID exposure and direct access to parking.”
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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Bridge Investment Group
Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $28.7 billion of assets under management as of June 30, 2021. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: multifamily, affordable housing, seniors housing, office, development, logistics net lease, logistics properties, debt strategies and agency mortgage-backed securities.
About Denholtz Properties
Denholtz Properties is a leading privately held, fully integrated commercial real estate development and investment company driven by its legacy of innovation. For more information, please visit: denholtz.com.