ORLANDO, Fla., Oct. 16, 2019– Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the exclusive listing for sale of North Lake Business Park: 15 single-story, flex/office buildings with more than 271,000 rentable square feet on 29 acres in Altamonte Springs, Florida. The price is open bid.
“Currently 90 percent leased to a diverse mixture of tenants, no one of which occupies more than 16 percent of the total leasable area, the property has stable cash flow and excellent upside potential,” said Douglas K. Mandel, executive managing director. “The variety of building types, units and loading options give ownership considerable flexibility to accommodate new and growing tenants at minimal cost.” Mandel and Nicholas Hanson, Marcus & Millichap senior associate, are representing the seller, Real Capital Solutions.
Less than eight miles from downtown Orlando, the park has approximately a half-mile of frontage on Interstate 4, Orlando’s most traveled thoroughfare, which is receiving a complete makeover. State Road 436—Altamonte Drive—is less than a mile away, the Altamonte Springs SunRail station is three miles from the property and the area’s largest retail complex, the 15-million-square-foot Altamonte Mall, is nearby.
“North Lake Business Park’s mixture of regional and national tenants across a wide range of industries, including technology, real estate and healthcare, provides long-term cash-flow security and insulation against a slowdown in any one industry,” commented Hanson. The park was constructed between 1982 and 1987. Approximately 75 percent of the of the space is being used for offices and the rest is air-conditioned warehousing. The average unit size is approximately 5,000 square feet.
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