Florida Hospital purchased a Maitland office building next to Interstate 4 for $3.3 million, with plans for support staff to work there, according to the hospital.
The nonprofit group’s $3.3 million acquisition includes more than 23,000 square feet of Class A offices at Lake Destiny Executive Center II.
Joe Rossi, managing director of Investment Services with Colliers International Central Florida, represented the seller, TerraCap Management LLC. It purchased Lake Destiny Executive Center in late 2015 and made improvements including new paint, parking lot resurfacing, monument signage and new landscaping.
The building purchased by Florida Hospital had been largely vacant and was one of two Lake Destiny buildings purchased by TerraCap two years ago. The buyers improved both buildings and moved smaller tenants in order to accommodate a buyer positioned to use an entire building, Rossi said.
Sellers said the deal shows Maitland rebounding after Rossi and others described it as one of the hardest-hit office parks in Central Florida during the downturn.
“The fact that our team was able to quickly reposition this property and nearly double our initial investment demonstrates the strength of the Central Florida office market, and the Maitland area in particular,” said Albert Livingston, who oversees asset management for TerraCap Management.
Situated on 3.24 acres at 1001 N. Lake Destiny Road, the property has covered parking, visibility to I-4 and lakefront views.
mshanklin@orlandosentinel.com or 407-420-5538
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See the 25 most valuable Central Florida mansions based on property appraisal records. Limited images available: Some properties have multiple images, while others only have an image of the property entrance.
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