CNL Commercial, a division of Orlando-based CNL Financial Group Inc., bought the Wachovia Plaza, a 185,674-square-foot Class A office tower, from Parkway Properties Inc. The office tower is 98 percent leased and is adjacent to BayWalk, an open-air entertainment complex with an IMAX Muvico Theater, shops and restaurants, according to a news release.
"This property is a significant addition to our portfolio and furthers our strategy of acquiring well located assets in great growth markets," said Paul Ellis, president of CNL Commercial Real Estate, in a prepared statement.
This is CNL Commercial's third commercial acquisition in the past nine months. The firm now has assets of more than $300 million and more than 1.2 million square feet under management, the release said.
