KBS Realty Lands 55 KSF Tenant Near Orlando
Advanced therapy initiation and patient solutions provider AssistRx signed a 54,664-square-foot lease at Maitland Promenade II, a 230,366-square-foot office building in Maitland, Fla., an Orlando submarket. KBS Realty Advisors owns the building, according to CommercialEdge.
HLI Partners arranged the long-term deal on behalf of the tenant, while CBRE represented the landlord. AssistRx is expected to move in starting in the second quarter of 2025.
KBS Realty Advisors acquired the asset in December 2013 for $31.2 million from Flagler, CommercialEdge shows. The property traded for some 40 percent less than in the previous transaction in 2008.
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The five-story, Class A building came online in 2001 and features a cafe, a three-story parking garage, a fitness center, a conference center and about 1140 parking spaces. Additionally, the facility has 2,000 square feet of retail space and is part of a two-building complex. The other property measures 241,659 square feet and was completed two years earlier.
Located at 495 N. Keller Road on more than 9 acres, Maitland Promenade II has access to Interstate 4. Downtown Orlando is 9 miles away, while the Orlando Executive Airport is some 10 miles southeast.
CBRE Senior Vice President Jay Dixon and First Vice President Colin Morrison represented the landlord. HLI Partners Principal Joe Hills worked on behalf of the tenant.
Vacancy down in metro Orlando
Orlando’s vacancy rate at the end of October decreased 40 basis point year-over-year, reaching 16.1 percent, according to the latest CommercialEdge office report. The figure was below the 19.4 percent U.S. rate, a sign of return-to-office policies marking the sector’s performance. The metro’s listing rate during the same month was $28.16, slightly below the $32.79 national figure.
In March, Travel + Leisure signed a 15-year, 182,000-square-foot lease at the 501 West Church building in Orlando. Piedmont Office Realty Trust owns the five-story property that came online in 2003.
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