August 27, 2012
Continental Realty Acquires 116,000 Square Foot Mixed-Use Project in Orlando, FL for $13.25 Million
Waterford Park, featuring mixture of commercial office, medical and retail space, positioned near Lake Underhill Road campus of Florida Hospital
Baltimore, MD (August 23, 2011) – Continental Realty Corporation has announced the acquisition of Waterford Park, a 116,000 square foot project featuring a mixture of commercial office, medical and retail space in Orlando, Florida for $13.25 million ($115 per square foot). Ray Turchi and Ryan Cockerill of Marcus & Millichap represented the seller, with Continental self-represented in this transaction.
Located at 12301 Lake Underhill Road in the Waterford Lakes section of Orlando, the Class “A” Mediterranean-style mixed-use project is within close proximity to the Lake Underhill Road campus of Florida Hospital. The two-story property in Orange County was completed in 2008 and includes strong creditworthy tenants such as BB&T, Citi Financial, Florida Radiology Imaging and Keller Williams Realty and Signature Title Company. The current occupancy of Waterford Park is approximately 45%.
The project offers direct roadside visibility from Florida Route 408 (Spessard L. Holland East-West Expressway) onto North Alafaya Trail and is adjacent to Waterford Lakes, a retail project developed by the Simon Property Group that is recognized for its extremely strong consumer and business demographics. More than 188,000 consumers reside within a five-mile radius, with an average household income exceeding $70,000. In addition, more than 83,000 vehicles pass the project on a daily basis.
“This bank-owned asset represented an outstanding value and we were able to acquire the property at a price far below replacement cost,” explained J.M. Schapiro, Chief Executive Officer of Continental Realty Corporation. “With a relatively low occupancy rate, our team has a tremendous opportunity to market and lease approximately 76,000 square feet of available space in an environment that our research shows as healthy and growing. Our short-term strategy is to target a range of commercial office and medical users that are benefited by a location adjacent to a satellite campus of Florida Hospital, and supplement this program with retail tenants that serve a diverse and vibrant marketplace including numerous residential sub-divisions,” he added.
The majority of the vacant space is contained on the second level of Waterford Park and presently is in shell condition. The street level is best suited to retail uses but can be retrofitted to office requirements, particularly for professional services providers that target walk-in customers. The project features an adjacent surface lot offering parking at the rate of five vehicles per 1,000 square feet of space.
Continental Realty Corporation, headquartered in Baltimore and founded in 1960, is a full-service commercial real estate development and management company. The privately-owned firm manages a diversified portfolio of commercial office buildings and retail centers consisting of more than 2.5 million square feet of space, as well as apartment home communities featuring more than 7,000 multifamily homes. Positioned throughout Maryland, Virginia and Florida, the value of the portfolio exceeds $1 billion. Continental Realty focuses on asset value generation achieved through expert leasing and property management activities.