ORLANDO, Fla., April 13, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has arranged the sale of Lake Lurna Professional Center, a 45,458-rentable-square-foot medical office property in downtown Orlando. The asset sold for $10.6 million.
“The property has been substantially renovated and is fully occupied by two strong, long-term tenants,” says Ray Turchi, a vice president investments in Marcus & Millichap’s Orlando office.
Turchi and Chris Travis, a senior associate, also in the firm’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private investor. Turchi, Travis and David Vaughan, an associate in the Orlando office, procured the buyer.
The building is located at 1717 South Orange Ave. in Orlando, across from the Arnold Palmer Hospital for Children, the Winnie Palmer Hospital for Women & Babies and the Orlando Regional Medical Center.
The Lake Lurna Professional Center’s tenants are Nemours Children’s Specialty Care and Jewett Orthopedic Clinic. Nemours was named one of the best children’s hospitals in the nation by U.S. News & World Report and Jewett is the official team physician for the Orlando Magic, the Orlando Solar Bears, the University of Central Florida and many others.
“This transaction is an excellent representation of how Marcus & Millichap maximizes asset value for clients,” adds Justin W. West, regional manager of Marcus & Millichap’s Orlando office.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com
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