Younan Properties Inc. has exited the Florida office market with the recent sale of Southpoint Executive Center in Maitland.
The sale price of the 137,000-square-foot office building to Stiles Capital Partners was $24 million.
Built in 1990, Southpoint Executive Center was 93 percent occupied at the time of sale, up from 85 percent when Younan purchased it in mid-2005, with noteworthy tenants that include Embarq and Lifestyle Lifts. The class A property is located at 151 Southhall Lane within the 180-acre master-planned development Maitland Center, which includes 5.5 million square feet of office space, in the rapidly growing Orlando submarket. Building amenities include an onsite restaurant and gym.
In a prepared statement, Younan said the move is part of its strategic plan to concentrate on building its office portfolio in high-growth markets such as Dallas, Houston and Chicago.