Pair of Orlando office buildings trade for $19M to Zaragon, Inc.
JLL Capital Markets led the sales efforts for 3500 and 3626 Quadrangle Boulevard
MIAMI, December 2, 2020 – JLL Capital Markets announced today that it has completed the $19 million sale of 3500 & 3626 Quadrangle Boulevard, two single-story office buildings totaling 82,175 square feet in Orlando, Florida.
JLL brokered the transaction between the seller Owens Realty Capital, who purchased the asset in 2015 for $13.57M, and the buyer Jolie Associates, LLC, an affiliate of Zaragon, Inc.
Completed between 2001-2002, 3500 and 3626 Quadrangle Boulevard feature institutional-quality construction and finishes, modern architecture and ample on-site parking. The properties are 100 percent leased to three tenants.
Fronting Quadrangle Boulevard, the assets are proximate to the University of Central Florida and 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.
The JLL Capital Markets investment sales advisory team included Senior Director Ike Ojala, Senior Director Robbie McEwan, Senior Managing Director Hermen Rodriguez and Director Matthew McCormack.
“We are very pleased to add this quality asset to our growing Orlando portfolio and have great confidence in the underlying economic strength of the East Orlando/University submarket,” Zaragon, Inc. Vice President and Director of Acquisitions Matthew J. Schwartz said.
“The JLL team is pleased to have been able to arrange the sale of this great asset in an exceptional location within Orlando’s sought-after University office submarket,” Ojala added.
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 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.
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About JLL
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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Owens Realty Capital
Owens Reality Capital is a boutique investment management firm based in Orlando, Florida that owns, develops and operates commercial properties throughout the east coast of the US alongside its operating partner, Owens Realty Services. Owens Realty Services provides commercial real estate services for more than 40 million square feet of commercial real estate with a value of more than $8 billion in real estate net worth. Services include investment property management, public sector facility management, facility maintenance, commercial sales and leasing brokerage, arena maintenance management as well as janitorial maintenance services. The company employs more than 1,000 real estate industry professionals throughout the United States.
About Zaragon, Inc.
Zaragon, Inc. is a diversified real estate investment company which owns and manages income producing properties throughout the United States. Its geographic emphasis is the Midwest, Southeast, and Southwest sections of the country. Properties located in Colorado, Florida, Illinois, Michigan, Nevada, Arizona and North Carolina have historically and continue to be key areas of interest for Zaragon.
Headquartered in Chicago, Illinois, Zaragon (through its principals and affiliates) owns and/or manages approximately 3,500 apartments, 1,100 manufactured housing units, 1,200,000 square feet of office and industrial space and several thousand acres of vacant land. In addition, Zaragon both develops and purchases student housing properties at major universities throughout the U.S.