Cushman & Wakefield announced today that it has assisted TerraCap Management in bringing The Keller Center, a ±160,000-square-foot, Class A office building in Maitland, FL, to full occupancy.
Senior Directors Rick Solik, MCR and Matthew McKeever, CCIM, SIOR were selected to lease the building by TerraCap Management in late 2014. Solik and McKeever have since leased ±147,000-square-feet, pushing occupancy in the building from 20 to 100 percent.
New tenants in the building include Adventist Health System, which leased ±41,000 square feet. Adventist Health System is a faith-based health care organization headquartered in Altamonte Springs, FL, with 45 hospital campuses and more than 8,200 licensed beds in nine states.
CDM Smith, a full-service engineering and construction firm based in Boston, MA, has leased a total of ±41,000 square feet at The Keller Center.
Alegeus Technologies, a Waltham, MA-based health care services firm, has leased ±41,000 square feet at The Keller Center, where it houses its Orlando call center operations.
HealthCare Scouts, a Winter Park, FL-based healthcare staffing agency, has leased a total of ±26,000 square feet at The Keller Center.
The Keller Center is a ±160,000-square-foot, Class A office building located at 101 Southhall Lane in the heart of Maitland, one of Orlando’s premier suburban office markets.
TerraCap acquired the building in 2014 from Parkway Properties and invested over $7 million in renovations and tenant improvements. These included extensive lobby/atrium renovations, new elevator cabs, site and landscape reconfiguration and a 400-stall parking deck, which increased parking ratio to five spaces per 1,000 square feet and provided the ability to park select tenants at higher ratios, an amenity in short supply in Maitland.
“The Maitland submarket, with its central location and access to a very skilled workforce, continues to attract tenants,” said Solik. “This, along with ownership’s extensive improvements, drove demand for space at The Keller Center.”
“We saw a great opportunity when we acquired The Keller Center in 2014,” added Albert Livingston, TerraCap Director of Asset Management. “It was a value-add acquisition that offered tremendous upside through capital enhancements, proactive marketing and lease-up at market rates. Through solid planning, good fortune and timely execution, we’ve been able to successfully reposition The Keller Center as a premier asset in the Maitland submarket.”
“It is great working with quality property owners who are willing to invest money to add value to the asset,” said McKeever.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.
About TerracCap Management, LLC
TerraCap Management, LLC, a registered investment adviser, is an alternative investment management company focused on deep value real estate acquisitions in the southeastern United States, with an emphasis on the Florida commercial property market. TerraCap performs extensive market research and fact-based analysis on population growth, migratory trends, international home buying, and intrastate population movement. This enables the firm to seek opportunities where demand is the highest and real estate assets are mispriced, overlooked or undervalued.
