Charles Schwab Acquires Office Portfolio In Maitland For $122M From Mikeone Ek Maitland Summit LLC And El Rancho Partners
$122,000,000
$122/SF
Building Size
1,000,000 SF
Asset Type
Office
Closing
Dec 24, 2024
AI
The transaction involves the sale of a six-building office portfolio located in Maitland, Florida. The buyer, Charles Schwab, acquired the portfolio for $122 million, totaling 1,000,000 square feet at a price per square foot of $122. One significant component of the portfolio is the Maitland Summit complex, which encompasses 588,678 square feet and offers a cap rate of 12.02%.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $122,000,000
- Buyer: Charles Schwab
- Seller: Mikeone Ek Maitland Summit LLC; El Rancho Partners
- Broker: John Pietkiewicz - Foundry Commercial
- Total Square Footage: 1,000,000
- Cap Rate: 12.02%
- Location: Maitland, Florida
John Pietkiewicz of Foundry Commercial represented the seller in this transaction. The deal contributes to the growing presence of Charles Schwab in the office real estate market, signifying strategic investment within the Maitland area by a prominent financial services firm.
Market Office Market Snapshot
Boundary boundary · Office · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.13%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93