FOR IMMEDIATE RELEASE
December 23, 2002
HARBOR GROUP INTERNATIONAL PURCHASES
OFFICE PARK IN ORLANDO
Harbor Group International (HGI) of Norfolk,
Virginia, has acquired the five building, 315,515 square
foot Oakridge Office Park in Orlando, Florida . Oakridge
Financial Associates, L.L.C., an affiliate of HGI, purchased
the property from Highwoods Properties, Inc., a real estate
investment trust headquartered in Raleigh, North Carolina,
at a purchase price of $22,175,000.
The purchase was part of a 1031 tax-deferred exchange, where the proceeds
from the sale of Royal Oaks Shopping Center were reinvested in the new
property. HGI sold Royal Oaks, a Brandon, Florida, shopping center,
in October of 2002.
“
The acquisition of Oakridge Office Park is a
key component of our strategy,” said Jordan
E. Slone, Harbor Group International Chairman
and CEO. “It is a prominent office
park primarily occupied by AT&T on a long
term lease.”
The property represents HGI’s sixth major acquisition of 2002.
The company’s acquisitions for the year total nearly $200 million
divided between more than 2,000 multifamily units and over 800,000 square
feet of office property. In addition, HGI has successfully sold
10 properties this year for $60 million.
The properties were completed between 1966 and 1983 and are collectively
95% occupied. In addition to AT&T, the property’s tenant roster
includes the Stenotype Institute of Jacksonville, Florida Southern University,
and Broadwing, Inc.
Oakridge Office Park is located at the southeast quadrant of Oakridge
Road and Rio Grande Avenue in the Orlando Central Park office development. It
consists of five buildings totaling 315,515 square feet situated on 21.7
acres with 1,233 parking spaces. The focal point of the property
is a seven-story, 186,275 square foot building leased by AT&T.
The Orlando office market contains a total inventory of 28.8 million
square feet, with the majority being comprised of suburban product, which
represents 78% of all office space. For the second quarter of 2002,
the direct vacancy rate was 14.9%.
HGI has acquired other office parks in Boca Raton, Florida; Nashville,
Tennessee; Columbia, South Carolina; Norfolk, Virginia; and El Paso,
Texas.
Harbor Group International currently owns $800 million worth of properties
in 15 states in the United States as well as in three different countries. For
more information, visit the company’s website at www.harborgroupint.com
.
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