(Orlando, FL) - November 28, 2007
Eola Capital today closed on a $50 million acquisition of two Orlando office buildings located north of the central business district in Maitland Center. The purchase increases Eola Capital's acquisition volume for 2007 to just over $600 million and increases the company's total assets to more than $1.6 billion with over 10 million square feet. This acquisition increases Eolas' presence in Orlando to a total of five (5) assets within the major markets including Maitland Center, Downtown, and Millenia for a total of 1,040,000 square feet, this growth has occurred within the past 9 months.
Eola Capital is a privately held real estate investment firm that owns, operates and manages office buildings throughout the southeastern United States. Eola Capital purchased the Orlando buildings from DRA Advisors and Tower Realty and capitalized the acquisition through a joint venture with a public sector fund and a private equity fund raised and managed by Eola Capital's principals. Bank of America will provide debt for the transaction.
The two buildings, Maitland Forum and Park Center, are located in the rapidly growing submarket of Maitland Center. Eola Capital plans to invest substantial capital in the buildings to further position them as submarket leaders. Maitland Center is a popular commercial center near Interstate 4, which connects the Tampa, Lakeland, Orlando and Daytona Beach metropolitan areas.
"Maitland Center is one of the tightest submarkets in Florida," said Jim Heistand, founder and CEO of Eola Capital. "With this acquisition, we're strengthening our position in one of the Southeast's strongest markets. Orlando, and especially Maitland Center, has a lot of potential right now, with strong employment, single-digit vacancy and rental-rate growth that we expect to continue."
The Maitland Forum building, at 2600 Lake Lucien Drive, is a four (4) story building containing 266,881 square feet. The Park Center building, at 2500 Maitland Center Parkway, is a 4 story building containing 102,169 square feet. Both feature on-site cafes, large floor plates and four parking spaces per 1,000 square feet.