CREC Completes $10 Million Sale Of Premier Office & Executive Suite Center

Jul 26, 2018 No Comments by

The Principals of CREC announced that it has completed the sale of Heathrow International, a ‘Class A,’ multi-tenant office building in the Lake Mary submarket of Orlando.

The acquisition closed on July 20 for $10 million, with CREC achieving more than double its original purchase price of $4.2 million nearly five years ago.

Upon acquiring Heathrow International in May 2013, CREC executed its vision to transform the underperforming property into a boutique “Class A” office building. CREC engaged in a series of extensive capital improvements in 2014 following the launch of a 360-degree real estate strategy to significantly reposition the office center, located at 250 International Parkway. Major renovations included a complete upgrade of the lobby, corridors, bathrooms and spec suites.

 

“This sale is a direct reflection of our ability to identify niche market opportunities and implement a fully-engaged plan to turnaround an asset,” said CREC Chairman and Co-Founder Warren Weiser. “Through this process, our team transformed Heathrow International into an boutique “Class A” office building and while leasing the property to 97% with a strong mix of notable national and regional tenants.”

CREC’s aggressive leasing campaign solidified high-quality tenants at Heathrow International, driving occupancy from 48 percent at time of acquisition to 97 percent for the three-story, 71,160 square-foot property. Leading tenants include Merrill Lynch, Valley National Bank, and Hylant Insurance.

 

“This office center points to CREC’s ability to spearhead and activate all parts of an asset’s potential and ultimate success, from acquisition and capital expenditure, to leasing, ultimately, disposition,” added CREC Senior Vice President Andrew Remick.

Heathrow International is well-positioned in the heart of Orlando’s premier and most affluent office submarkets. Situated on the east side of International Parkway, on the 5th fairway of Heathrow Country Club’s golf course, the property enjoys views of the greens, water, and million-dollar residences. The subject property is also surrounded by a distinguished mix of ‘Class A’ retail and office, including Fortune 500 companies, within a three-mile radius and is just a 30-minute drive from Orlando.

Weiser, along with Remick, spearheaded the acquisition and asset management, while Senior Vice President Harry Blyden brokered the deal on behalf of CREC.

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