ORLANDO, Fla.--(BUSINESS WIRE)--
Cushman & Wakefield (NYSE: CWK) announced that the commercial real estate services firm has arranged the sale and financing of SouthPark Center, a 10-building suburban office park totaling approximately 1.25 million square feet located in Orlando, Florida. The final sale price was $315 million.
Cushman & Wakefield’s Mike Davis, Rick Colon, Rick Brugge, and Dominic Montazemi, with support from Zach Eicholtz, Brooke Tulley, and Ryan Jenkins represented the seller, AEW Capital Management, in the transaction. Brian Linnihan, Jason Hochman, Mike Ryan, and Ron Granite of Cushman & Wakefield arranged $233 million of acquisition financing on the transaction.
PPF Real Estate, part of PPF Group, acquired the property. Following its acquisition of the Mansell Overlook office park in suburban Atlanta earlier this year, PPF Real Estate has invested or committed to over $500 million in real estate investments in its first full year of U.S. operations. Cushman & Wakefield has advised PPF Real Estate on acquisition financing for both of the firm’s office acquisitions.
“SouthPark has been institutionally owned and maintained with several recent amenity upgrades helping to fuel the park’s performance in the broader market,” Davis said.
“PPF Group is an opportunistic family office investor. Thus, the proposition of acquiring large portfolios with strong cash flows, accompanied with development upside, is compelling to us as an investor and remains a strategic priority,” said Aaron Smith, Managing Director for PPF Real Estate U.S.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About PPF Group
PPF Real Estate is a subsidiary of PPF Group (www.ppf.eu). PPF Group operates in 25 countries, investing in multiple sectors, including financial services, telecommunications, media, biotechnology, real estate, and engineering.
PPF Group’s reach spans from Europe to North America and across Asia. The Group owns assets to the value of EUR 40.3 billion and employs 82,000 people globally (30 June 2021).
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Jade Hubbard
Senior Communications Specialist
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Source: Cushman & Wakefield