CREC Sells Orlando-Area Boutique Office
- Jul 31, 2018
CREC has completed the sale of Heathrow International, a Class A, boutique office property encompassing roughly 71,200 square feet in the Lake Mary submarket of Orlando, Fla. The company sold the asset for $10 million, more than doubling the $4.2 million purchase price it shelled out for the building in 2013.
Located at 250 International Parkway, Heathrow International was completed in 1986 and underwent a series of cosmetic renovations in 2014 and 2016, according to Yardi Matrix. Improvements included fully upgrading the lobby, corridors, bathrooms and spec suites.
Following CREC’s leasing strategy, the property’s occupancy increased from 48 percent in 2013 to 97 percent at the time of sale. Notable tenants at the three-story building include Merrill Lynch, Valley National Bank and Hylant Insurance. The building is situated on the east side of International Parkway, on the fifth fairway of Heathrow Country Club’s golf course, just a 30-minute drive from Orlando.
CREC Chairman & Co-Founder Warren Weiser and Senior Vice President Andrew Remick spearheaded the 2013 acquisition of the property, while Senior Vice President Harry Blyden represented CREC in the disposition of Heathrow International. Earlier this year, CREC was involved in the marketing of a mixed-use property in Miami Beach, Fla., that sold for $38 million.
Image courtesy of CREC