Transwestern Brokers Sale Amid Significant Investor Interest for Medical Office Space
(Orlando, Fla.) – Transwestern today announces it closed the $2 million sale of Royal Oaks Plaza, a 15,782-square-foot, single-story, multitenant medical office building at 2105 Hartwood Marsh Road in Clermont, Florida. Transwestern Managing Director John Bell marketed and led the sale of the asset on behalf of a special servicer. Royal Oaks Medical Plaza LLC acquired the property.
“Royal Oaks Plaza received multiple bids from established investors, new-to-market buyers, and both residential and commercial brokers,” said Bell. “Clermont is one of the fastest-growing communities in Orlando, so it was only natural that the response from investors resulted in a competitive bidding process, with all eager to acquire an asset housing dominant small medical providers.”
Currently 73.5 percent occupied with a majority of long-term leases from established tenants, Royal Oaks Plaza offers the buyer, a private investor, 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. According to a recent report by Real Capital Analytics, year-to-date sale transaction volume in Orlando’s office market from private buyers was up to 37 percent compared to 26 percent from the previous year.
The highly efficient design of Royal Oaks Plaza allows direct entrances to tenant spaces at the prominent intersection of U.S. Highway 27 and Hartwood Marsh Road. The property, situated on 1.65 acres, sits across the street from a major Publix-anchored shopping center. The accessible location and the surrounding affluent households offer the perfect demand base for medical office users.
Bell has executed real estate transactions exceeding $3 billion across all asset types with a primary focus in Florida and the Southeast U.S. He is an expert in trophy and distressed assets and has a diverse roster of institutional, private and special servicer clients.
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, Tenant Advisory, Capital Markets, Asset Services and Research, 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 35 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.