For Immediate Release
Cushman & Wakefield’s Healthcare Capital Markets Team Advises Sale of Two-Building Medical Office Portfolio in Orlando, Fla. for $9.5 Million
Property well located adjacent to Orlando Health – Health Central Hospital
ORLANDO, Fla., September 8, 2021 – Cushman & Wakefield announced the firm has brokered the sale of the West Orange Professional Center, a portfolio of two medical office buildings located at 10125 & 10131 W Colonial Dr in Ocoee (Orlando), Florida. The two-story buildings are located directly across the street from the Orlando Health – Health Central Hospital campus. The 38,537-square-foot portfolio was 88.2% leased with a weighted average lease term of over 5.5 years.
The property was acquired by OrbVest and SG Property Services. OrbVest is a global real estate company focused on acquiring healthcare real estate assets across the United States.
Anne Spencer and John Skinner with the Florida Healthcare Advisory Practice in partnership with Travis Ives and Gino Lollio of Cushman & Wakefield’s US Healthcare Capital Markets Team represented the seller, Miami-based Larkspur Properties, in the transaction.
“Desirably located adjacent to a major regional hospital facility, the property was a unique opportunity to acquire a dependable income stream from an esteemed tenant roster combined with a value-add opportunity in the lease-up of vacant space,” said Travis Ives, Managing Director. “During the seller’s ownership, several new tenants were signed to the property that increased the overall occupancy and stability of the asset. This building and location offers exceptional synergy across the healthcare landscape.”
Anne Spencer, Director said, “Ocoee is part of the greater Orlando MSA, one of the fastest growing regions in the country for its fantastic climate, affordable housing stock and abundance of shopping and employment opportunities. This growth has led to the rising need and demand from medical users, and therefore investors. The market for medical space on and around the property is nearly fully occupied, putting this asset in great position for further potential future success.”
West Orange Professional Center is positioned directly across from Orlando Health – Health Central Hospital, a 211-bed, general acute care hospital that features nationally accredited programs in orthopedics, spine and heart care. In addition, the hospital recently completed a 30,000-sf cancer treatment facility.
Spencer is a member of the Florida Healthcare Advisory Practice which serves hospital systems, regional healthcare providers, private practices, medical investors and developers across the state, assisting clients with solutions and insights on how to best position and fulfill their real estate requirements. With a combined 40+ years experience, the three-person team has closed +$750 million in transaction value.
Cushman & Wakefield’s Healthcare Capital Markets Team comprising Travis Ives, in San Diego, and Gino Lollio, in Chicago have closed in excess of $1.6 billion in transactions. The duo have a combined 30+ years of experience in healthcare real estate.
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About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Media Contact:
Joshua Deale
Cushman & Wakefield
Communications Manager, West Region
+1 415 677 0423
joshua.deale@cushwake.com
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