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NATIONAL INVESTMENT FIRM BLACK SALMON ACQUIRES OFFICE TOWER IN DOWNTOWN ORLANDO FOR $68 MILLION
Firm strategically expands portfoliowith deal in one of the fast-growing metros in the U.S.
MIAMI (Dec.18, 2019) – Black Salmon, a national commercial real estate investment firm, announced today the acquisition of 111 North Orange in Orlando for $67.75 million. The 245,201-square-foot, ‘Class A’ office building is one of the most sought-after towers in the city’s central business district.
Set in downtown Orlando, the 21-story building is ideally surrounded by more than 500,000 square feet of walkable, street level retail, as well as new multifamily development, creating a true live-work-play environment. Ninety-four percent leased, notable tenants include Regions Bank, UBS, Geico, and co-working space provider Regus.
According to the Bureau of Labor Statistics, Orlando has led the nation in job growth for the past four years, a testament to its strengthening economy. While the region is often most associated with its robust tourism sector, job growth stemmed primarily from professional and business services, which accounted for more than 20,000 new jobs this year.
Black Salmon’s purchase of 111 North Orange is a significant addition to the company’s portfolio, which includes assets in major markets throughout the U.S., such as the San Francisco Bay Area, Phoenix, and Indianapolis. The firm’s investment strategy continues to focus on acquiring stabilized assets in high grow markets with an educated workforce, robust technology industry, and strong market fundamentals.
“Downtown Orlando has been on our radar since the firm’s inception, and we are so pleased to have identified this rare opportunity to own a landmark office tower in the area,” said Grant Peterson, Vice President of acquisitions with Black Salmon. “As we look to 2020, we aim to continue expanding our footprint with similar deals for our select group of investors.”
The expansion of high-speed rail service Brightline, soon to be Virgin Trains, to Orlando’s international airport is expected to further bolster the city’s already booming economy by facilitating new business growth and adding regional transportation options. Orlando is also home to the University of Central Florida (UCF), the largest university in the nation, and the Central Florida Research Park (CFRP), the fourth largest in the country.
About Black Salmon
Black Salmon is a world-class commercial real estate investment firm focused on analyzing opportunities within the office, senior housing, industrial and hospitality markets. The firm’s goal is to transform real estate assets into profitable, risk-adjusted returns for a select group of investors with the highest standards of transparency and professionalism. Technology, as an agent of change in real estate and an engine of growth for the U.S. economy, is the megatrend that steers Black Salmon’s business strategy. Black Salmon identifies which markets and submarkets are fueled by leading trends. The group seeks and studies opportunities in cities where population and economic growth are strongly supported by the proximity to major metropolitan areas and the presence of top-tier educational institutions. For more information, visit www.blacksalmon.com.