CP Group, Cross Ocean Partners Complete $96M Office Acquisition in Orlando

CP Group and Cross Ocean Partners announced the acquisition of an eight-building office portfolio in Central Florida for $96 million.

The portfolio comprises 722,456 square feet of office space across the Orlando metro area and is currently 93 percent leased. The transaction underscores Cross Ocean's expanding real estate platform and CP Group's ongoing strategic investment in high-growth Sunbelt markets, where well-located, premier office properties are supported by resilient tenant demand.

Portfolio Details and Property Locations

The acquired properties span a mix of suburban and downtown office environments. Central Fairwinds in Downtown Orlando is a prominent 12-story Class A tower with direct access to I-4, totaling 169,600 square feet.

In Lake Mary, 1101 Greenwood is a five-story office building fully leased to healthcare tenants, including Health First and Abbott, totaling 155,048 square feet. The portfolio also includes Research Commons and Tech Point I & II in Orlando, comprising a four-story building and two two-story buildings totaling 188,738 square feet. These properties are located within the Research Park area and serve government and defense users. They are the only privately owned buildings located within the Force Protection Zone and adjacent to the Naval Air Systems Command (NAVAIR).

Ingenuity Point in Orlando is a two-story office building also in the Research Park area, totaling 125,616 square feet. University Tech Center in Orlando consists of a two-building flex/office environment supporting simulation, research, and technology tenants, totaling 83,454 square feet.

Strategic Rationale Behind the Deal

"This transaction reflects our continued conviction in high-quality office assets with stable income profiles," said Terence Kim, Managing Director, US Credit at Cross Ocean. "Partnering with CP Group allows us to leverage their deep operating expertise as we expand our exposure to well-positioned properties in strong growth markets, where we believe pricing presents attractive long-term value."

Josh Edwards, Senior Vice President at CP Group who oversees the firm's North and Central Florida and Washington DC markets, emphasized the company's local market knowledge. "Having operated in Central Florida for several decades, our firm understands the market and the opportunity to support and enhance these quality assets and the institutional tenancy they attract," Edwards said. "This acquisition is a strong complement to our existing portfolio, and we look forward to leveraging our experience and local presence to support these long-standing tenants and maintain the historically high occupancy of these assets."

Transaction Details

Cross Ocean Partners, a global asset management platform focused on special situations, credit, and hard asset investments, partnered with CP Group on the acquisition. JLL's Robbie McEwan and Matt McCormack represented the seller in the transaction. JLL will also provide leasing services for the portfolio.

Sources

CP Group