Transwestern to Sell Royal Oaks Plaza amid High Medical Office Demand West of Orlando
(SEPT. 18, 2017 – CLERMONT, FLA.) – Transwestern today announces it has been retained to sell Royal Oaks Plaza, a 15,782-square-foot, single-story, multitenant medical office building located within a commercial development at 2105 Hartwood Marsh Road in Clermont, Florida. Transwestern’s Managing Director John Bell is marketing the asset, which will be auctioned through RealINSIGHT Marketplace on Sept. 27, 2017, on behalf of a Special Servicer seller.
Situated on 1.65 acres at the prominent intersection of U.S. Highway 27 and Hartwood Marsh Road and directly across the street from a major Publix-anchored shopping center, the highly efficient design of Royal Oaks Plaza allows direct entrances to tenant spaces with no interior common areas, reducing common area costs for tenants. Currently 73.5 percent occupied with a majority of long-term leases from established tenants, Royal Oaks Plaza offers the security of established in-place income along with two vacant spaces totaling 4,182-square-feet that are built-out and ready for immediate occupancy.
“Located in one of Florida’s fastest-growing and affluent residential bases, Royal Oaks Plaza offers significant upside potential as vacancy continues to decrease due to the demand created by the growing residential, employee, and tourist base surrounding the property,” said Bell. “The strong demand for quality medical office space is demonstrated by the leasing velocity at Royal Oaks Plaza in the past month, during which two new leases were signed.”
The significant income level and growth rate in Clermont provide long-term demand for service businesses such as medical providers. Over the past year, new home construction has seen an uptick, and existing home values have skyrocketed 4.4 percent. Moreover, the city’s office market has limited availability for tenants, making it attractive for investors.
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Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Based in Houston, Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Southeast region, follow @TranswesternSE.