OrbVest Acquires West Orange Professional Center in Orlando, Florida
Our properties are located in areas of large, stable populations or projected population growth, as this is a key driver of real estate values.
ORLANDO, Fla. (PRWEB)
September 30, 2021
OrbVest, a global real estate investment company investing in income-producing medical commercial real estate in the U.S., recently announced the purchase of West Orange Professional Center in Orlando, Florida. The 38,537-square-foot campus contains two medical office buildings and is located directly across the street from Orlando Health – Health Central Hospital.
OrbVest has a portfolio comprised of over 1.4 million square feet representing more than $360 million of specialized medical real estate under management. OrbVest generally purchases profitable medical office commercial buildings in high-growth locations across the United States. OrbVest relies on equity raised by limited partners from over 20 countries around the globe.
The West Orange Professional Center, located at 10125 and 10131 W Colonial Drive in Ocoee, Florida, is in a very desirable location. The Center has immediate accessibility to two major thoroughfares, SR 408 and the Florida Turnpike, making it accessible from all areas in and around Orlando. In addition, with easy visibility from State Road 50, 35 parking spaces on-site and its proximity to a major hospital, the location is ideal for additional medical tenants.
The building is currently leased by companies like Quest Diagnostics, Florida Eye Clinic, Orlando Health 7 Rehab and Orlando Oral & Facial Surgery. These tenants contribute to the property’s 88.2% leased status with a weighted average lease term of over 5.5 years at the time of acquisition. Located in a strong, growing market with a generous tenant improvement allowance available, the West Orange Professional Center is one of the most attractive medical office buildings available in central Florida.
The area in and around Orlando has experienced significant growth in both population and average household income over the last three years. Within a five-mile radius of the West Orange Professional Center are over 235,000 Florida residents with an average household income of over $85,000.
“The purchase of West Orange Professional Center is driven by the same fundamentals that underlie all of OrbVest’s acquisitions, explains Martin Freeman, OrbVest CEO. “Our properties are located in areas of large, stable populations or projected population growth, as this is a key driver of real estate values. In addition, we look for multi-tenanted medical office buildings with high-quality tenants and weighted average lease terms of around 5 years or longer.”
Across the street from West Orange Professional Center lies Orlando Health – Health Central Hospital, a 211-bed, general acute care hospital that features nationally accredited programs in orthopedics, spine, and heart care. Recently, the hospital added on a 30,000-square-foot cancer treatment facility.
In 2021 alone, OrbVest has acquired properties in Jacksonville, Florida; Princeton, New Jersey; Fayetteville, Georgia; and Phoenix, Arizona. OrbVest is actively pursuing additional medical office building investment properties across the United States, increasing diversification for investors and reducing risk related to the concentration of assets.
About OrbVest
OrbVest is a global real estate company that invests in US income producing medical commercial real estate. Within seven years, OrbVest has assembled a portfolio of over 1.4 million square feet representing >$360m real estate under management (REUM) with a 65% re-investment rate.
OrbVest’s goal is to make investing in global real estate simple for small and large investors who are able to invest from as little as $5,000. Clients use a convenient online platform to invest directly into low-risk commercial assets, primarily in the Healthcare niche. The investments generate regular dividends (±8% per annum) that are distributed on a quarterly basis creating annuity income and long-term wealth over the period of investment. (Targeted IRR of 11% to 17%).
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