CLEVELAND, March 11, 2021 (GLOBE NEWSWIRE) -- Ten Capital Management (“TCM”), a privately held real estate investment management firm, today announced it has completed the acquisition of five buildings in Technology Park (“The Property”), located at 100, 200, 250, 255 & 525 Technology Parkway in Lake Mary, FL. Somerset Properties is a Co-General Partner on the transaction.
The Property is the preferred location for several health care, technology, and business services tenants, many of which have demonstrated long-term loyalty to the location, and use the Property as headquarters. The 297,386 SF, five-building flex-office/light industrial facility is in one of suburban Orlando’s most desirable business-friendly submarkets. Recent leasing activity at the Property has resulted in more than 91,000 SF of new tenants over the last 12 months.
The office market in the area is thriving, with a current vacancy of 9.6% - consistently outperforming the overall Orlando MSA by a significant margin. Currently 87% leased to 16 high quality tenants, the Property offers excellent access to Interstate 4, Orlando’s main thoroughfare, and Lake Mary Boulevard, which is a highly amenitized location with over 3 million SF of retail and restaurants within a three-mile radius of the Property including brands such as Publix, Starbucks, Panera, and Cracker Barrel.
Lake Mary, located within the Orlando MSA, is characterized by a high level of household income, high rates of educational attainment, and a high quality of life across a variety of housing options. Single family homes are available at a broad range of price points. There are also significant multifamily developments that provide a variety of housing options for executive-level decision makers and a more diversified workforce. Lake Mary is also poised to benefit from continued population growth due to increased migration from other parts of the country.
“Florida continues to demonstrate strong fundamentals,” said Paul DiSandro, a TCM Partner and Portfolio Manager. “Technology Park marks our third investment over the past 20 months in Florida, following our office acquisitions in Ft. Lauderdale and Jacksonville in 2020 and 2019, respectively. We anticipate continued strong demand for this Property as well due to its strategic location and its high degree of use flexibility for new and existing tenants.”
Ben Adams, TCM’s CEO, added, “The adoption of the hub-and-spoke model is real. We are seeing it manifest in our portfolio across multiple markets across the country. We are pleasantly surprised to see a significant increase in leasing activity in our suburban locations as we turn the corner towards people returning to work, innovation and social connectivity.”
About TCM
TCM is a privately held real estate firm investing across a broad spectrum of strategies and seeks to deliver consistent, superior risk-adjusted returns to its global investor base, while remaining proactive, adapting quickly to changing market fundamentals and opportunities. TCM makes equity investments between $10 and $35 million, targeting transactions which fall “below the radar” of larger institutional investors. For more information, please go to www.tencapmanagement.com.
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