Adds additional 224,359 square feet industrial, warehouse and flex product to its Lake Mary, Orlando submarket position
CLEVELAND, May 09, 2022 (GLOBE NEWSWIRE) — Ten Capital Management (“TCM”), a privately held real estate investment management firm, today announced it has completed the acquisition of SunTech Commerce Park, a six-building, 224,359± RSF Class A flex-office/light industrial park situated on 19.3± acres located at 39-59 Skyline Drive, Lake Mary, Florida.
The office services/flex market for comparable product in the area is strong, with a current vacancy rate of 6.0% for competitive product, consistently outperforming the overall Orlando MSA. The Property is positioned directly on I-4 in the heart of the Tech/Industrial corridor, offering 1,333 linear feet of prime frontage on a major east-west thoroughfare, with three points of ingress/egress from Skyline Drive and one point of ingress/egress to the south from Emma Oaks Trail. It is conveniently located just 0.2 miles from the Florida’s I-4 on-ramp, and six miles from the Central Florida Greenway (Route 417), providing downtown Orlando exceptional access to AdventHealth Orlando, and Orlando International Airport (MCO).
A premier northern suburb of Orlando, Lake Mary 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 and there are also 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. “We have strengthened our commitment to Florida, following our acquisitions in Ft. Lauderdale, Jacksonville and Orlando. We anticipate continued strong demand for this Property due to its strategic location and its high degree of use flexibility for new and existing tenants. With SunTech, we also expand our strategic position specifically in the Lake Mary submarket, a location around which we have a high degree of conviction.”
Ben Adams, TCM’s CEO, added, “As margin-of-safety driven investors, we want to be right about both investment fundamentals, and the flow of funds. Our first principle is as simple to say as it is difficult to do – we want to buy excellent real estate at a fair price. This purpose built-flex industrial/office product offers extraordinary optionality and flexibility in a broad range of potential tenant use cases which we believe further supports our margin of safety. The Property has generous parking ratios, window lines provide extraordinary natural light, with high ceilings, docks and level access ranging from 16-18’ clear heights, ideal for light manufacturing, last mile distribution, showroom, life sciences/lab space, creative office, tech, conventional office, and community/service-oriented businesses alike, all in a terrific location.”
In March of 2021, Ten Capital acquired five buildings in Technology Park located at 100, 200, 250, 255 & 525 Technology Parkway in Lake Mary, FL. The 297,386 SF, five-building flex-office/light industrial facility is within half a mile of the SunTech acquisition.
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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