Altamonte Springs office park purchased by a foreign investor
Premier Point office complex sells
ORLANDO, Fla. (Oct.1, 2019) – Premier Point, a 97,119-square-foot ClassA office property in Altamonte Springs, has sold to a foreign investor. The multi-building property, located at 225 and 237 S. Drive, was 90% leased at the time of sale.
Joe Rossi, CCIM, and T.J. Campton of Colliers International Central Florida represented the seller, the Vista Group of Companies. Alejandro of RESMA Miami represented the buyer, Escape 19BLLC, a foreign-based investor.
“Over the last several years, we’ve seen a great deal of foreign capital investing in the greater Orlando area,” said Joe Rossi, CCIM, Executive Managing Director of Investment Services at Colliers International Central Florida. “This can likely be attributed to the significant strides our area has made in population and job growth. Orlando is no longer viewed as a tertiary market. It is a strong secondary market that is getting global attention.”
According to the U.S. Census Bureau, Orlando had the nation’s fifth-largest population increase for metro areas from 2017 to 2018. The city also leads the state in year-over-year job growth, and cost of living is five percent lower than the national average.
“The sharp drop in U.S. interest rates in 2019 has encouraged an inflow of foreign investment into U.S.-based real estate,” said Campton. “As the differential between U.S. rates and lower-yielding foreign currencies continues to narrow, lower hedging costs have the way for foreign investors to acquire assets backed by the U.S. dollar.”
The Vista Group of Companies purchased Premier Point North and Premier Point South in 2013, and invested in building updates and renovations. Updates included improvements to the lobbies, common areas and restrooms, as well as to building systems and exteriors.
About Colliers International Group Inc.
Colliers International (NASDAQ: CIGI) (TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
About the Vista Group of Companies
With offices in Kitchener-Waterloo, ON and Binghamton, NY, the Vista Hospitality Group also owns and operates more than one million square feet of office buildings, shopping malls and retirement home properties in Ontario and Florida. Offering nearly 1,975 rooms at its hotels and resorts in Ontario, New York, Maryland, South Carolina and Florida, Vista Hospitality has received numerous awards for excellence in hotel and property management.The Vista Group of Companies is well positioned to leverage its quality assets into unique value for potential purchasers. Vista also offers sophisticated and modern information management systems that form the basis of a highly efficient and effective organizational structure. The Vista executive team is extremely diverse, and has acquired a reputation for proven performance at all of its properties. More information is available at www.vistahospitality.comand www.vistapropertymanagement.com.