Cross Ocean Partners and CP Group Acquire Eight-Building Central Florida Portfolio for $96 Million

Acquisition expands the firms’ regional footprint adding an additional 720,000 square feet of institutional-quality office assets and strong existing tenant base

ORLANDO--(BUSINESS WIRE)--Cross Ocean Partners (“Cross Ocean”), a global asset management platform focused on special situations, credit and hard asset investments, in partnership with CP Group, a leading owner-operator of office properties across the Sunbelt, today announced the acquisition of a 722,456-square-foot, eight-building office portfolio in Central Florida for $96 million. The portfolio is currently 93 percent leased and comprises eight office properties within the Orlando metro area.

The acquisition underscores Cross Ocean’s expanding real estate platform and CP Group’s ongoing strategic investment in high-growth Sunbelt markets, where well-located, premier office properties are supported by resilient tenant demand.

The acquired properties span a mix of suburban and downtown office environments and include:

• Central Fairwinds in Downtown Orlando, a prominent 12-story Class A tower with direct access to I-4, totaling 169,600 square feet.
• 1101 Greenwood in Lake Mary, a five-story office building fully leased to healthcare tenants, including Health First and Abbott, totaling 155,048 square feet.
• Research Commons and Tech Point I & II in Orlando, a four-story building and two two-story buildings, respectively, located within the Research Park area and totaling 188,738 square feet. Serving government and defense users, they are the only privately owned buildings located within the Force Protection Zone and adjacent to the Naval Air Systems Command (NAVAIR).
• Ingenuity Point in Orlando, a two-story office building also in the Research Park area, totaling 125,616 square feet.
• University Tech Center in Orlando, a two-building flex/office environment supporting simulation, research, and technology tenants, totaling 83,454 square feet.

“This transaction reflects our continued conviction in high-quality office assets with stable income profiles,” said Terence Kim, Managing Director, US Credit at Cross Ocean. “Partnering with CP Group allows us to leverage their deep operating expertise as we expand our exposure to well-positioned properties in strong growth markets, where we believe pricing presents attractive long-term value.”

“Having operated in Central Florida for several decades, our firm understands the market and the opportunity to support and enhance these quality assets and the institutional tenancy they attract,” said Josh Edwards, Senior Vice President at CP Group who oversees the firm’s North and Central Florida and Washington DC markets. “This acquisition is a strong complement to our existing portfolio, and we look forward to leveraging our experience and local presence to support these long-standing tenants and maintain the historically high occupancy of these assets.”

Notable tenants across the portfolio include the U.S. Army Corps of Engineers, Fairwinds Credit Union, Siemens Energy, Galen College of Nursing, Abbott Rapid Dx, Health First, and the U.S. General Services Administration (GSA), among other leading healthcare, defense, energy, and professional services organizations.

Robbie McEwan and Matt McCormack of JLL represented the seller in the transaction. CP Group will retain JLL to oversee leasing across these assets, adding to JLL’s existing representation of CP Group’s other Central Florida properties, including Resource Square I & III and Northpoint Center.

About Cross Ocean

Cross Ocean Partners Management LP (together with its affiliates, including Cross Ocean Adviser LLP) is a global asset manager with approximately $10.7 billion of assets under management and 80+ employees across its offices in Greenwich (CT), London and Dublin. Cross Ocean is led by Graham Goldsmith, CEO and co-CIO, and Steve Zander, Head of Europe and co-CIO. It invests globally in a broad range of asset classes including real estate. www.crossoceanpartners.com.

About CP Group

Founded in 1986, CP Group is a vertically integrated commercial real estate firm and value-add investor with deep market knowledge across the Sunbelt. The firm has acquired, repositioned, and operated over 170 office and mixed-use properties, totaling more than 64 million square feet and valued at over $8 billion. The firm applies its market expertise and integrated operations to deliver experience-driven environments that support tenant retention and maximize asset value. CP Group maintains offices in Atlanta, Boca Raton, Dallas, Denver, Jacksonville, Miami, and Washington, D.C. For more information, visit CPGcre.com.