Denholtz Properties announces the acquisition of Celebration Business Center, a two-building, 106,068-square-foot office property at 1120 and 1130 Celebration Blvd. in Celebration, Fla., for $17.75 million.
Constructed in 1997, Celebration Business Center’s flexible design has made it the preferred home to a diverse lineup of office, medical, and creative tenants, and is currently anchored by The Walt Disney World Company. The property is situated in Celebration, Fla., a master-planned live-work-play community developed by The Walt Disney World Company in the 1990s. With a unique blend of top-rated schools, golf courses, walking trails, community centers and numerous retail shops, cafes and restaurants, Celebration boasts highly favorable demographics and has grown by 33 percent since 2010.
Celebration Business Center’s location along Interstate 4 in the state’s Tourist Corridor also affords easy access to the entire Orlando area, one of the most heavily visited regions in the country and serves as the home and headquarters for companies such as ADP, Blue Origin, KPMG, NBC Golf, Siemens and Space X. Additionally, nearby regional highways such as SR-417/Central Florida Greenway, SR-429/Daniel Webster Beltway, SR-192/Irlo Bronson Memorial Highway and SR-528/Beachline Expressway ensure that cities like Tampa and Miami are just a short drive away. The Brightline, Florida’s high-speed rail system connecting Miami, Fort Lauderdale and West Palm Beach, is also scheduled to complete its connection to the Orlando International Airport by the end of 2022 to further integrate the central and southern Florida markets.
“The future is incredibly bright for the Orlando market,” said Stephen Cassidy, President of Denholtz Properties. “Through the acquisition of Celebration Business Center, we have the rare opportunity to grow our presence in what is among the country’s most exciting real estate markets. We look forward to leveraging our multitenant investment experience to create the area’s premier office destination and drive superior risk-adjusted returns on behalf of our investors.”
The acquisition of Celebration Business Center is the latest addition to Denholtz Properties over 825,000-square-foot portfolio of flex/industrial and office assets in the Orlando market. In addition to the Orlando market, Denholtz Properties also owns over 600,000 square feet in the Tampa/St. Petersburg area. Building upon its success in these central Florida markets, Denholtz Properties is in the midst of a southeastern expansion that will bolster its portfolio across Florida and the Carolinas. The company recently announced its initial foray into North Carolina with the acquisition of Interstate Commerce Park, a 128,570-square-foot industrial property in Greensboro, N.C., and Vida Apartments, a 289-unit multifamily community in Kannapolis, N.C.
JP Josephson, Director of Acquisitions for Denholtz Properties said, “There is no denying that the Southeast’s quality of life and affordability have it poised for long-term growth in the years to come. We look forward to tapping into the energy that continues to define the region as we identify opportunities to deploy our time-tested multitenant, risk-adjusted investment approach and aggressively grow our portfolio in markets like Orlando over the next several months.”