Cross Ocean Partners, a global asset management platform, has partnered with CP Group, a commercial real estate focused on Sunbelt markets, to acquire an eight-building office portfolio in the Orlando metro area for $96 million.
The portfolio encompasses a total of 722,456 square feet of office properties in urban and suburban areas. The properties are currently 93% leased and tenants include the US Army Corps of Engineers, the US General Services Administration, and companies in the defense, healthcare, energy, and professional services industries.
Robbie McEwan and Matt McCormack of JLL represented the seller in the transaction and CP Group will retain JLL to oversee leasing across these assets.
“Having operated in Central Florida for several decades, our firm understands the market and the opportunity to support and enhance these quality assets and the institutional tenancy they attract,” said Josh Edwards, senior vice president at CP Group.
“This transaction reflects our continued conviction in high-quality office assets with stable income profiles,” said Terence Kim, managing director of US credit at Cross Ocean. “Partnering with CP Group allows us to leverage their deep operating expertise as we expand our exposure to well-positioned properties in strong growth markets, where we believe pricing presents attractive long-term value.”
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