Florida Hospital, part of Adventist Health System, has purchased Lake Destiny Executive Center II, a 23,160-square-foot, Class A office building in Maitland, for $3.3 million. The Altamonte Springs-based non-profit health care organization will occupy the entire property.
Joe Rossi, CCIM, Managing Director of Investment Services with Colliers International Central Florida, represented the seller, TerraCap Management, LLC., in the transaction. Lisa Barrett, MBA, Senior Real Estate Manager with Florida Hospital, handled this transaction for the buyer.
The seller is an alternative investment management company focused on Florida’s commercial property market. It purchased Lake Destiny Executive Center in late 2015 and quickly made a number of significant capital improvements, including new paint, parking lot resurfacing, monument signage and new landscaping, part of a repositioning of the building as an owner-user property.
Florida hospital is part of Adventist Health System, a leading health care organization headquartered in Altamonte Springs, Florida. The faith-based organization has 45 hospital campuses and more than 8,300 licensed beds in nine states. In addition to hospitals, its facilities also include urgent care centers, home health and hospice agencies and skilled nursing facilities. It will use the Maitland property as offices for administrative and support staff.
“There’s a strong demand for owner-user office properties in the Central Florida market,” said Colliers’ Rossi. “This factor, along with the capital improvements made to this building, allowed the seller to earn a significant return on investment in a short amount of time.”
Maitland is a suburban city just north of Orlando with a growing office community. Situated on 3.24 acres, the property has high visibility to I-4 and offers lakefront views, covered parking and convenient access to downtown Orlando.
“The fact that our team was able to quickly reposition this property and nearly double our initial investment demonstrates the strength of the Central Florida office market, and the Maitland area in particular,” said Albert Livingston, Director of Asset Management for TerraCap Management, LLC.
Lake Destiny Executive Center II is located at 1001 N. Lake Destiny Road.
About Colliers International Group, Inc.
Colliers International Group Inc. (NASDAQ and TSX: CIGI) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.
About TerraCap Management, LLC
TerraCap Management, LLC is an alternative investment management company focused on deep value real estate acquisitions in the southeastern United States, with an emphasis on the Florida commercial property market. TerraCap’s value-oriented approach consists of purchasing properties below replacement cost with conservative leverage. This allows TerraCap to seek to capitalize on financially distressed situations and other opportunities by preserving capital, as well as creating value and risk-adjusted returns that are positioned to outperform original targets.
About Adventist Health System
Adventist Health System is a faith-based health care organization headquartered in Altamonte Springs, Florida. A national leader in quality, safety and patient satisfaction, Adventist Health System’s more than 80,000 employees maintain a tradition of whole-person health by caring for the physical, emotional and spiritual needs of every patient. With 45 hospital campuses and more than 8,300 licensed beds in nine states, Adventist Health System facilities incorporate the latest technological advancements and clinical research to serve more than 4.7 million patients annually. The organization’s full continuum of integrated care also includes urgent care centers, home health and hospice agencies and skilled nursing facilities.
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