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Cushman & Wakefield Arranges $315M Office Sale in Central Florida on Behalf of AEW Capital Management
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Rhea-AI Summary
Cushman & Wakefield (NYSE: CWK) has successfully arranged the sale and financing of SouthPark Center, a 1.25 million square foot office park in Orlando, Florida, for $315 million. The transaction involved AEW Capital Management as the seller and PPF Real Estate as the buyer, who has invested over $500 million in U.S. real estate this year. Cushman & Wakefield played a pivotal role in securing $233 million in acquisition financing for the deal. This acquisition underscores PPF Group's strategy to invest in large portfolios with strong cash flows.
Positive
Cushman & Wakefield facilitated the sale of SouthPark Center for $315 million.
Secured $233 million in acquisition financing for PPF Real Estate.
PPF Real Estate has invested over $500 million in U.S. real estate this year.
Negative
None.
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).
