City Office REIT, a Vancouver, Canada-based real estate investment trust, announced that it has purchased two properties in central Florida, which they expect to generate an initial full-year cash net operating income yield of approximately 8.3%. Terms of the deals and representation were not disclosed by City Office REIT. The first property, Carillon Point in Tampa, was purchased for $26.3 million; the Research Park Collection in Orlando was acquired for $49.8 million.
"These acquisitions are well positioned in quality locations within our target markets, have strong in-place tenancy and favorable acquisition metrics," said James Farrar, Chief Executive Officer of City Office REIT, in a press release. "We believe that our disciplined strategy of expanding our footprint in leading submarkets positions City Office to deliver long-term cash flow growth."
Built in 2007, Carillon Point at 970 Lake Carillon Drive is a five-story building complex with 124,187 rentable square feet and a lakefront location within the prestigious Carillon Office Park. Carillon was 100% leased at the time of sale. The second acquisition, The Research Park Collection, was built in 1989 and includes five Class A office buildings on a 10 acre land parcel within the Central Florida Research Park, the fourth largest research park in America. The Research Park Collection's five buildings total 272,192 square feet of net rentable space, and was 93% leased at the time of sale.
For more news and information visit Blumberg Partners.
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