Waterford Park Sells For $13.25M

Sep 05, 2012 No Comments by

Baltimore–based Continental Realty Corp. has acquired Waterford Park, a 116,000 square foot project featuring a mixture of commercial office, medical and retail space in Orlando for $13.25 million, or $115 per square foot.

Ray Turchi and Ryan Cockerill of Marcus & Millichap represented the seller in this transaction.

Located at 12301 Lake Underhill Road in the Waterford Lakes section of Orlando, the Class “A” Mediterranean-style mixed-use project is within close proximity to the Lake Underhill Road campus of Florida Hospital. The two-story property in Orange County was completed in 2008 and includes tenants such as BB&T, Florida Radiology Imaging and Keller Williams Realty and Signature Title Company.

The current occupancy of Waterford Park is approximately 45 percent.

“This bank-owned asset represented an outstanding value and we were able to acquire the property at a price far below replacement cost,” explained JM Schapiro, Chief Executive Officer of Continental Realty Corporation. “With a relatively low occupancy rate, our team has a tremendous opportunity to market and lease approximately 76,000 square feet of available space in an environment that our research shows as healthy and growing.”

Schapiro said the firm’s short-term strategy is to target a commercial office and medical users that may benefit from a location adjacent to a satellite campus of Florida Hospital.

 

Source:  CityBiz

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Industry News, Medical, NA, Office, Retail
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