Flagship Healthcare Properties acquired the recently redeveloped property
ORLANDO, FL (January 18, 2023) – Franklin Street has arranged the sale of a 13,000-square-foot, Class A medical office building in Winter Park, Florida, for $6.87 million. The trophy medical office asset was completely redeveloped in 2022 and is 100% occupied by multiple credit-rated tenants.
Franklin Street Director Matthew Weinberger, who specializes in healthcare real estate, brokered the off-market transaction on behalf of both the seller, Raja Investors LLC, and the buyer, Charlotte-based, Flagship Healthcare Properties, a fully integrated outpatient healthcare REIT. The buyer plans to hold the property long-term. Prior to arranging the sale, Weinberger leased up the property to full occupancy,
Marketed as Verax Winter Park, the fully stabilized asset comprises a diverse, attractive lineup of healthcare tenants, including Rayus Radiology, Nuvia Dental Implant Center and AZAD Plastic Surgery.
At 954 S. Orlando Ave., the property is well-positioned along Florida’s booming I-4 Corridor within the affluent suburb of Winter Park proper, just north of Downtown Orlando. The property benefits from extensive frontage along South Orlando Avenue (US 17-92) and proximity to several major medical centers, including AdventHealth Winter Park, Orlando Health Rehabilitation & Sports Medicine Center Winter Park, Orlando Health Jewett Orthopedic Institute Winter Park and Orlando Health’s Women’s Pavilion.
“Strong population growth continues to drive demand for healthcare and life science services in Central Florida, which has in turn yielded a hyper-competitive and increasingly attractive healthcare real estate market,” said Weinberger. “The quality of extensive renovations that were made to this property, along with its financially stellar, well-balanced and complementary tenant mix, make it a true trophy asset that we’re proud to have helped Flagship Healthcare Properties add to their portfolio.”
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With $7 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.