Innovatus Capital Partners LLC has acquired Orlando, Florida-based Westwood Corporate Center, a five-building office campus. No financial terms were disclosed.
NEW YORK, Sept. 26, 2018 /PRNewswire/ — Innovatus Capital Partners, LLC (“Innovatus” or the “Firm”), an independent adviser and portfolio management firm with approximately $1.6 billion in assets under management, today announced it has acquired Westwood Corporate Center (the “Property”), a five-building, 343,331-square-foot, office campus located in Orlando, Florida.
With a quarter mile of frontage along I-4, the Property lies in the southwest quadrant of the interchange of the Beachline Expressway and I-4 in Orlando’s “Tourist Corridor” submarket, just 12 miles from Orlando International Airport and 15 miles from Downtown. Situated on 21 acres, the campus consists of three phases built between 1988 and 1999 and is currently 97% leased. Phase I is comprised of three single-story buildings and offers long-term development potential on the 435,600 square feet of land on which it sits. Phases II and III are both five-story, Energy Star rated Class ‘A’ buildings, featuring two-story porticoes leading into spacious two-story atrium lobbies. A four-story parking structure combined with surface parking provides 1,463 parking spaces.
Westwood Corporate Center’s largest tenant, Marriott Vacations Worldwide, opened its global headquarters at the Property in 1996 and has since more than tripled their footprint, expanding eight times to 157,400 square feet. The Property’s remaining 24 tenants are extremely diversified, representing several industries including finance, media, education, technology, insurance, healthcare and real estate. With over 165,000 travelers passing by each day, Westwood Corporate Center is in close proximity to top retail destinations, affluent neighborhoods and many of the state’s top golf courses.
“We are pleased to expand our high quality, well located portfolio of U.S. commercial office properties to include the Westwood Corporate Center in Orlando,” said Bradley Seiden, Managing Director, Innovatus Capital Partners. “Since 2007, Orlando has experienced tremendous infrastructure improvements and is well-positioned to continue the extraordinary population and job growth of the last five years. This transaction epitomizes Innovatus’ strategic focus of acquiring market leading office properties in top-tier suburban markets. We look forward to working closely with our tenants and becoming part of the growing and thriving Orlando community.”
The Westwood Corporate Center transaction is the fifth commercial real estate investment for Innovatus, with the five properties currently valued in excess of $275.0 million. Innovatus continues to focus on Class-A suburban office and other high-quality real estate opportunities supported by population growth, strong real estate trends and positive economic outlook. Lincoln Property Company, one of the largest and most diversified real estate companies in the United States, has assumed the leasing and property management services for the property. Lincoln currently manages over 170 million square feet of space across the United States.
About Innovatus Capital Partners, LLC
Innovatus adheres to an investment strategy that identifies distressed, disruptive and growth opportunities in the less obvious market segments across multiple asset categories with a unifying theme of capital preservation, income generation, and upside optionality. The Firm has a dedicated team of real estate investment professionals with deep experience in commercial real estate acquisitions, recapitalizations and asset management across core-plus and opportunistic real estate investments amongst all property types including office, retail, hotel, medical, industrial and warehouse. Innovatus and its principals have significant real estate experience with ventures that range from the creation of a CMBS lending group and servicing platform to making equity investments in developments and single asset purchases. Further information can be found at innovatuscp.com.