Downtown Orlando Medical Office Building Sells for $10.6M
- Apr 15, 2016
Orlando–Marcus & Millichap recently arranged the sale of Lake Lurna Professional Center, a three-story 45,458-rentable-square-foot medical office property in downtown Orlando. The asset was sold for $10.6 million, with Bauman & Co. representing the buyer.
“The property has been substantially renovated and is fully occupied by two strong, long-term tenants,” Ray Turchi, vice president investments in Marcus & Millichap’s Orlando office, said in prepared remarks.
Turchi and Chris Travis, a senior associate 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 tenants include Nemours Children’s Specialty Care and Jewett Orthopedic Clinic. Nemours, occupying 34,092 square feet in the building, who renewed its lease in 2014, was named one of the best children’s hospitals in the nation by U.S. News & World Report. Jewett is the official team physician for the Orlando Magic basketball team, the Orlando Solar Bears ice hockey team and University of Central Florida, among others.
“This transaction is an excellent representation of how Marcus & Millichap maximizes asset value for clients,” added Justin West, regional manager of Marcus & Millichap’s Orlando office.
Photo courtesy of Google Street View.