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.

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