First-Class Maitland Medical Office Building Sells For $7.75M

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Marcus & Millichap negotiated the sale of Point 100, a 40,726-square foot, three-story office property located in Maitland, according to Justin W. West, regional manager of the firm’s Orlando office.

The property sold for $7,750,000.

David Vaughan and Ray Turchi, investment specialists in Marcus & Millichap’s Orlando office, had the exclusive listing to market the property on behalf of the seller, a private local investor.  The buyer, WS Properties of Orange County, LLC, was also procured by Vaughan and Turchi.

“Point 100 is a premier Maitland office building, and this sale is a good indication of the reinstated confidence in the Orlando MSA office market as a whole,” said Vaughan.

Point 100 is located at 100 E Sybelia Avenue in Maitland with close proximity to the new downtown district, Uptown Maitland Senior Living complex, and Maitland City Centre. Constructed in 1982 and extensively renovated in recent years, the 20-suite office tenant roster includes AdventHealth Medical Group, Nemours Children’s Health and Acentria Insurance.

 

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Tequesta Assisted Living Facility Sells For $12.3 Million

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The Tequesta Terrace Assisted Living Facility in the northern Palm Beach County town sold for $12.3 million.

Manchester Center, Vermont-based Terrace Communities Tequesta LLC, a partnership between Kate Heaton of A.L. Investments, Mark P. Mitchell and Gerald A. Goray, sold the 106-unit assisted living and memory care facility at 400 N. U.S. 1 in Tequesta to Tequesta Propco LLC, in care of West Palm Beach-based Alta Senior Living. Thorofare Asset Based Lending REIT Fund V provided a $15.4 million mortgage covering both the property and the operations of the facility.

The 82,210-square-foot facility was developed on the 2.82-acre site in 2001.

 

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Medical Office Building Near Tamarac Hospital Sells For $10M

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The University Medical Arts medical office building in Tamarac sold for $10.05 million.

Tamarac Medical Office LLC and PrivCap Hawks LLC, both managed by Daniel Cohen of Boca Raton-based PrivCap Cos., assigned the land lease for the 44,951-square-foot office building at 7431 N. University Drive to 7431 Medical Offices LLC, managed by Ruvi Silberstein in Los Angeles.

The price equated to $224 a square foot.

Signed in 1997, the land lease is with the neighboring HCA Florida Woodmont Hospital, formerly known as University Hospital & Medical Center.

 

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AdventHealth Plans To Turn Holly Land Site Into Hospital Medical Office

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AdventHealth has submitted plans showing that it intends to build medical offices and a hospital on the former Holy Land Experience site in Orlando, according to a report in GrowthSpotter.

According to a recently submitted application to Orlando’s Municipal Planning Board, the health system won’t be demolishing the existing three-story auditorium nor the existing Holy Land building directly across yet.

Instead, AdventHealth intends to build around the structures at 4655 and 4615 Vineland Road, and embark on a two-phase development plan, called AdventHealth Millenia, that involves building a four-story, 80,000 square foot medical office building (Phase 1) and a five-story, 261,500-square-foot hospital (Phase 2).

Included in plans for the first phase are a helipad, which will require a Conditional Use Permit, and associated surface parking.

The first floor of the medical office building will feature a 20,000-square-foot of Emergency Room.

The second floor will have 20,000 square feet of medical office space and the third and fourth floors will feature 19,000 square feet each consisting of either medical office uses or ambulatory surgical centers.

Phase 1 will also include building the master infrastructure to serve future phases of the hospital. According to the plans, AdventHealth is still considering demolishing the current Holy Land Experience structures for future phases.

Kimley-Horn is the civil engineer assigned to the project. The proposed plans are set to go before Orlando’s Municipal Planning Board on Feb. 15.

Earlier this summer, the hospital system paid $32 million for the 14.2-acre site on the northeast corner of Vineland Road and Conroy Road.

The Christian theme park’s parent company, Trinity Broadcasting Network, had struggled to keep the business afloat. Shortly before the pandemic struck, Holy Land Experience ended all of its stage shows and laid off much of its workforce.

AdventHealth is one of the largest faith-based health systems in Florida. Its Central Florida division has more than 20 hospitals and ERs across seven counties.

 

Source:  Orlando Sentinel

 

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