JLL closes $50.4M sale, financing of Resource Square I & III

2-building, Class A Orlando office portfolio 

January 13, 2020

MIAMI, January 13, 2020 – JLL announced today that it has closed the $50.4 million sale and financing of Resource Square One and Three, a two-building, Class A office portfolio totaling 245,111 square feet in Orlando, Florida.

JLL represented the seller, TerraCap Management, LLC, and procured the buyer, a joint venture partnership between Crocker Partners and PCCP, LLC. Additionally, JLL worked on behalf of the borrowers, Crocker and PCCP, LLC, to secure the seven-year, floating-rate acquisition loan with Synovus Bank. As the largest office landlord in the state, this latest acquisition will bring Crocker’s total assets under management in Central Florida to almost one million square feet.

Resource Square One and Three are located at 13501 Ingenuity Drive and 12001 Research Parkway within Orlando’s Central Florida Research Park, the largest research park in Florida. Adjacent to the University of Central Florida, the properties have easy access to downtown Orlando, Orlando International Airport and Waterford Lakes Town Center, which offers more than 1.9 million square feet of retail and restaurant amenities. Resource Square One is a three-story building with 91,890 square feet built in 1999 and Resource Square Three has 153,221 square feet within a five-story building built in 2003.  Both properties are fully leased, with more than 47% of the space occupied by investment grade tenants. 

“We are delighted with the outcome of this investment,” TerraCap Managing Partner Steve Hagenbuckle said. “It exemplifies TerraCap’s tactical view on asset and property management as owner operators.  These buildings won the top awards from BOMA in 2019, which is a testament to great teamwork. Top submarkets like Orlando remain solid especially when there is outsized employment and population growth creating continual demand.” 

“We target buildings below replacement costs in rapidly tightening markets and were able to push rents and occupancy in a meaningful way over a relatively short period,” said Albert Livingston, TerraCap Partner and National Director of Asset Management.

The JLL Capital Markets team representing the seller was led by Senior Director Ike Ojala, Senior Managing Director Hermen Rodriguez, Senior Director Robbie McEwan and Director Matt McCormack. 

JLL Director Maxx Carney and Associate Reid Carleton led the financing efforts on behalf of the new owner.  

“The offering received strong investor interest thanks to its top-quality credit tenancy and highly sought-after location within the Central Florida Research Park,” Ojala said.     

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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About TerraCap Management

TerraCap Management, LLC considers thematic factors such as business formation, employment growth and population growth on a market-by-market basis, as most metros and submarkets have different economic-based industries and therefore move through their economic cycles differently. TerraCap makes moderate strategic overweighting or underweighting to markets, depending on the specific economic drivers influencing supply and demand. The investment manager has been in operation since 2008 with offices located in Estero, Florida; Tampa, Florida; Atlanta, Georgia; and Denver, Colorado. As operators, TerraCap believes it can make decisions more efficiently while leveraging expertise from property to property.  More information about TerraCap Management is available at

About Crocker Partners

Active in the commercial real estate business for over 35 years, Crocker Partners has established a reputation as a premier owner, operator, and developer of office and mixed-use projects throughout the Southeast and Southwest United States. Since 1986, Crocker Partners has acquired and managed over 157 properties, totaling 47 million square feet and representing $5.6 billion invested. They are currently Florida's largest office landlord and the 39th largest office owner in the country. Headquartered in Boca Raton, Florida, Crocker Partners has regional offices in Miami, Jacksonville and Atlanta.


PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $10.6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 21-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $21.8 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at

About Synovus Bank

Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and retail banking, investment, and mortgage services together with its affiliates through 298 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus Bank has been recognized as one of the country’s “Most Reputable Banks” by American Banker and the Reputation Institute. Synovus Bank is on the web at, and on Twitter, Facebook, LinkedIn, and Instagram. Equal Housing Lender.