Orlando, Florida: Michael B. Divaris, president of Divaris Real Estate, Inc. (DRE) announced that Baldwin Park I & II has been sold for $8.64 million, on behalf of the lender who foreclosed on the property. The transaction represents the first office sale since 2010 in the 436 tertiary submarket of Orlando.
MDS Baldwin Park, LLC, an Orlando-based private investor, acquired the 64,695-square-foot office building portfolio. Baldwin Park I & II are located at 4750 and 4776 New Broad Street in Orlando. Divaris Real Estate, in partnership with fellow CORE affiliate, Miami-based Stiles Realty, handled the transaction.
Divaris Real Estate was appointed to manage and lease the properties in August 2011, when the property was only 27 percent leased. Divaris engaged Stiles Realty, to co-lease and manage the portfolio. Divaris implemented an aggressive lease-up plan aimed at showing the property’s distinct identity, area amenities and upscale professional environment that resulted in a stabilized occupancy of 86 percent at the time of sale. Stiles Realty director of leasing, Jill Gull, successfully handled the on-site leasing.
“The sale of the Baldwin Park office complex is a testament to its quality, which was highlighted by our 12-month strategic repositioning program,” said Tom Kates, Stiles Realty broker associate. He attributes the surge in activity to the team’s focus on marketing the benefits of the area, including Baldwin Park Village Center’s restaurants, shops and other amenities. This strategy attributed to the property sale after only 30 days on the market.
Upon taking on the assignment, the team secured a 28,000-square-foot relocation of architecture, engineering and planning firm Rogers Lovelock & Fritz, Inc. Momentum continued throughout the year as another block of nearly 20,000 square feet of space was leased to signature national tenants including: international skincare manufacturer Dermalogica; the largest property and casualty third-party administrator in the United States, Gallagher Bassett Services; and privately held Allied Specialty Vehicles.
Divaris Real Estate, Inc. is headquartered in Virginia Beach, VA with offices in downtown and suburban Norfolk, Newport News, and Richmond, VA; Charlotte, NC and Rockville, MD. Divaris Real Estate and Divaris Property Management Corp. are divisions of The Divaris Group, an international real estate brokerage and property management company that currently manages and/or leases in excess of 30 million square feet of prime retail, office and industrial space from New Jersey to Florida.
Divaris Real Estate is a member of Realty Resources, a national group of independent retail property brokers and managers covering 91 major markets throughout the U.S. DRE is also the Virginia affiliate for The CORE Network, a national group of office and industrial brokers with affiliates across the country. These organizations represent corporate and institutional clients, tenants and buyers in all aspects for leasing, development and managing properties, acquisition and land sales. Gerald S. Divaris is Chairman of the Board, and Michael B. Divaris is President of Divaris Real Estate, Inc.