Florida Hospital Buys Class A Office Building

Feb 28, 2017 No Comments by

Florida Hospital, part of Adventist Health System, has purchased Lake Destiny Executive Center II, a 23,160-square-foot, Class A office building in Maitland, for $3.3 million.

The Altamonte Springs-based non-profit health care organization will occupy the entire property.

Joe Rossi, CCIM, Managing Director of Investment Services with Colliers International Central Florida, represented the seller, TerraCap Management, LLC., in the transaction. Lisa Barrett, MBA, Senior Real Estate Manager with Florida Hospital, handled this transaction for the buyer.

The seller is an alternative investment management company focused on Florida’s commercial property market. It purchased Lake Destiny Executive Center in late 2015 and quickly made a number of significant capital improvements, including new paint, parking lot resurfacing, monument signage and new landscaping, part of a repositioning of the building as an owner-user property.

Florida hospital is part of Adventist Health System, a leading health care organization headquartered in Altamonte Springs. The faith-based organization has 45 hospital campuses and more than 8,300 licensed beds in nine states. In addition to hospitals, its facilities also include urgent care centers, home health and hospice agencies and skilled nursing facilities. It will use the Maitland property as offices for administrative and support staff.

 

“There’s a strong demand for owner-user office properties in the Central Florida market,” said Colliers’ Rossi. “This factor, along with the capital improvements made to this building, allowed the seller to earn a significant return on investment in a short amount of time.”

Situated on 3.24 acres in the suburban city located just north of Orlando, the property has high visibility to I-4 and offers lakefront views, covered parking and convenient access to downtown Orlando.

 

“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, Director of Asset Management for TerraCap Management, LLC.

Lake Destiny Executive Center II is located at 1001 N. Lake Destiny Road.

 

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