Three Major Orlando Properties Changing Hands

Three Orlando properties, “616,140-square-foot Central Center, the 303,540-square-foot Lake Mary Center and the 384,914-square-foot University Center,” will soon be under new ownership and management. The current owner, CRT properties Inc., is being sold for $50 million to Colonial Properties Trust, a real estate investment trust that deals in multifamily, office and retail properties along the Sunbelt.

Colonial properties will own 15 percent of CRT and will manage its office properties. The total transaction is costing $157 per square foot, totaling $1.8 billion, which “includes the assumption of $369 million of mortgage debt.”

The Orlando properties are only three of 26 buildings that CRT owns in Florida, Georgia, North Carolina, Maryland, Tennessee, Texas and Virginia. Once Colonial Properties has finished its acquisition of these Orlando properties, “the company will own or manage 47,700 apartment units, 20 million square feet of office space and 13.5 million square feet of retail shopping space.”