In May, Orlando slowly started to recover from the difficulties brought by the coronavirus pandemic. With most theme parks preparing to gradually reopen, the City Beautiful hopes hotels are next. In the meantime, commercial real estate activity hummed along, albeit at a slower pace. While a downtown building is about to change designation, a resort changed operators and a medical office building changed hands. Here’s our list of May must-reads:
1. DEVELOPMENT – Downtown office tower turns residential.
The 128,000-square-foot building at 200 S. Orange Ave. is slated for a major conversion, per Orlando Business Journal. According to submitted plans, the 10-story property is to include eight floors of residential units atop ground-floor retail and first-floor office space. Empty since Truist Financial Corp. relocated in January, the LEED Gold-certified asset is under contract to be purchased by Lincoln Property Co.
2. OPERATIONS – Margaritaville Resort Orlando gets new property manager.
Encore Capital Management selected Davidson Hotels & Resorts to manage the 186-room casual-luxe property which reopened on May 15. Davidson currently operates Margaritaville Hollywood Beach Resort in Hollywood Beach, Fla.; Margaritaville Hotel Nashville Downtown in Nashville, Tenn.; and Paradise Point Resort and Spa in San Diego, Calif., with plans to reposition and convert to Margaritaville Island Resort San Diego.
3. DEAL – MOB asset changes hands in Oviedo.
IRA Capital acquired Oviedo Crossing Medical Center, a 22,000-square-foot medical office building. According to GrowthSpotter, the fully leased property at 7400 Red Bug Lake Road in Oviedo traded for $8.7 million, the sale also being subject to a $5.6 million loan from Siemens Financial Services. The building is less than 1 mile south of AdventHealth Oviedo Emergency Room.
4. PEOPLE – Colliers grows Central Florida industrial, office roster.
Nicholas Hanson joined the firm as managing director of investment services, partnering with Joe Rossi, T.J. Campton and Mackenzie Daugherty. Most recently, Hanson served as vice president of investments within Marcus & Millichap’s Orlando office and as director of the firm’s National Office and Industrial Properties Group. During his six-year tenure, he closed industrial and office transactions across Central and North Florida.