X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

EDGEWOOD, FL-Tansley Trust has acquired the 55,952-sf Water’s Edge Plaza at 4401 South Orange Ave. for just under $7.1 million.

Bellevue, WA-based Investment Realty Advisors Inc. president Ted Gibbons represented the buyer in the transaction. Charles Fredrick and Tom Hankins, of Orlando-based Realty Capital TCN Worldwide, represented the seller.

“The property was a good fit for Tansley Trust because it is currently looking to balance its overall property portfolio in terms of finding multi-tenant office properties that have rents that are below market value,” Gibbons tells GlobeSt.com.

The one-story building is located on 9.1 acres approximately four miles south of the Orlando Central Business District and within two miles of the Orlando Regional Medical Center, Arnold Palmer Children’s Hospital and ORMC Lucerne Medical Facilities. “The property has substantial excess parking at over six spaces per 1,000 sf,” Gibbons says. “It serves as a medical office building for a number of strong medical tenants due to the proximity to the hospitals and other medical service facilities in the immediate area.”

The asking price of the property was $7.4 million with a cap rate of 7.5%. The current rents are $2 to $3 below market. The property has the potential to be rezoned to office, which could result in expansion or outparcel disposition with an adjustment to the parking ratio, according to Realty Capital/TCN Worldwide.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.