ORLANDO, October 25, 2021 –JLL Capital Markets today announced the closing of the sale of Celebration Business Center, a two-building office building totaling 106,068 square feet in Celebration, Florida.
JLL represented the seller, Bridge Investment Group, in the sale of the property to Denholtz Properties.
“Bridge has a proven strategy to create next-generation workplaces that match the needs of today’s workforce, which is reflected in the successful repositioning of Celebration Business Center,” said Kelly Kuykendall , Managing Director of Asset Management at Bridge Investment Group. “The building’s strong overall rental performance has allowed us to exceed our investment objectives on this project, and we are delighted to partner with JLL to close another successful milestone in our Central Florida portfolio. ”
Celebration Business Center comprises two one-story buildings that offer unique and flexible floor plates for tenants of offices, medical practices and creative offices. Completed in 1997, Celebration Business Center is 82% leased to a mix of local and national tenants and is anchored by Walt Disney World.
The properties are located on 9.12 acres at 1120 and 1130 Celebration Blvd. in the Orlando Tourist Corridor submarket. The planned community of Celebration was developed in the 1990s and is one of the most successful in the state, boasting a live-work-play community with schools, golf courses, walking trails, centers community and many top rated retail stores, cafes and restaurants. Additionally, the property is close to two heavily trafficked freeways, The Greenway and Interstate 4, providing regional access through the Orlando MSA and beyond.
The JLL Capital Markets team representing the seller was led by Senior Manager Robbie McEwan.
“Central Florida continues to generate strong investor interest due to population migration and strong economic fundamentals,” said McEwan. “The one-story office product demanded record prices due to its layout flexibility, high ceiling heights, lack of shared common areas limiting exposure to COVID, and direct parking access . ”
JLL Capital Markets is a global full service provider of capital solutions for real estate investors and occupiers. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients – whether it is investment sales and advice, debt advice, equity advice or recapitalization. The company has more than 3,000 capital markets specialists around the world with offices in nearly 50 countries.
For more information, videos and research resources on JLL, please visit our newsroom.