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TMT Properties Buys Orlando Office Complex

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The suburban property traded for $31.5 million. The post TMT Properties Buys Orlando Office Complex appeared first on Commercial Property Executive.

Aerial shot of Celebration Office Center, a 161,437-square-foot property in Kissimmee, Fla. consisting of two two-story buildings across 12 acres. — The 161,437-square-foot Celebration Office Center consists of two two-story buildings across 12 acres. *Image courtesy of JLL*

Florida-based TMT Properties Inc. has bought Celebration Office Center, a 161,437-square-foot office complex in Kissimmee, Fla., from Reva Cos. The property traded for $31.5 million. JLL Capital Markets worked on behalf of the seller and procured the buyer.

Celebration Office Center has been under Reva Cos.’ ownership since 2022, when the company purchased the asset from Bridge Investment Group for $19.6 million. For that transaction, First Carolina Bank originated an $18.2 million acquisition loan on behalf of Reva.

Celebration Office Center

Celebration Office Center consists of two two-story buildings across a 12-acre site. The office complex came online in 2000 and 2001 at 1170 and 1180 Celebration Blvd., in the master-planned community of Celebration. The tenant roster features Magic Group Cos. LLC, Access Management and AmeriFactors, according to CommercialEdge information. The office complex was 98 percent leased at the time of the sale. The property features ground-level parking with approximately 800 spots, the same data provider shows.

Just off Interstate 4, Celebration Center is some 28 miles southwest of downtown Orlando. Other major thoroughfares in the area include Routes 192 and 417. The 47-square-mile Walt Disney World is within 4 miles of the office complex.

Senior Director Robbie McEwan, Analyst Hunter Smith and Associate Blake Koletic led the JLL Capital Markets Investment Sales and Advisory team representing Reva Cos.

As of February, Orlando’s full-service equivalent listing rates averaged $28.26 per square foot, which marked a 17 percent increase year-over-year but remained below the national figure of $33.41, according to a recent CommercialEdge office report. Vacancy rates in the city reached 16.9 percent, down 20 basis points in the past year.

The post TMT Properties Buys Orlando Office Complex appeared first on Commercial Property Executive.