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Crocker Partners Acquires Orlando, Florida Office Buildings in JV
Thursday 16 January 2020

16 January 2020 - Florida, US-based office landlord Crocker Partners has acquired Resource Square I and III, two fully occupied buildings in Orlando's Central Florida Research Park, in a joint venture with PCCP, LLC, the firm said.

The JV paid USD 50.4m for the properties. The seller was Terracap Management.

Recent Crocker activities in the Orlando region, which has had the nation's fastest growing job market for the last four years, include the sale of University Office Park in 2019, after completing an extensive renovation, and the acquisition of Northpoint Center in Lake Mary in 2018.

Totaling approximately 245,000 square feet, Research Square I and III are adjacent to the University of Central Florida (UCF) in the Research Park, the largest research park in the state.

The buildings are minutes away from Waterford Lakes Town Center 1.9m square feet of retail and restaurant amenities and offer direct expressway access to downtown Orlando and the Orlando International Airport.

Active in the commercial real estate business for over 35 years, Crocker Partners is an 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 m square feet and representing USD 5.6bn 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 USD 10.6bn in assets under management on behalf of institutional investors.
Details
Date Published: 16/01/2020
Target: Resource Square I and III
Country: USA
Deal Size: 50.4m (USD)
Sector: Construction/Real Estate
Type: JV
Financing: Cash
Status: Closed
Vendor: Terracap Management
Buyer: Crocker Partners, PCCP
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