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Adventist Health System expands portfolio, buys office building in Maitland

Adventist Health System, parent company of AdventHealth, continues to make real estate moves — the latest being its $6.85 million purchase of an office building within the Maitland Preserve office park.

According to a deed recorded Friday in Orange County, the health system bought the Southwoods at Maitland Preserve office property at 2600 Lucien Way from Gladstone Commercial, a real estate investment trust based in McLean, Virginia.

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The price for the 48,772-square-foot building breaks down to about $140 per square foot. The sale marks the second time the property traded hands over the past year and a half.

Raleigh, North Carolina-based Highwoods Properties Inc. previously owned the Southwoods building before selling the property to Gladstone for $4.9 million in July 2017.

The deal was part of a larger $51.4 million purchase by Gladstone that gave the REIT control of an additional 371,300-square-foot office building and 292,00-square-foot office property at 2405 and 2599 Lucien Way.

Gladstone remains the owner of the buildings within the Maitland Preserve office park. The REIT has remained busy in Central Florida. Last month, Gladstone bought a three-story office building on Lake Mary's International Business Center Drive for $18.5 million.

Built in 1998, the 2600 Lucien Way property AdventHealth just purchased sits on about six acres of land along South Keller Road.  Finance company LSQ Funding Group recently relocated out of the building.

A representative for Adventist Health System said the office will serve as an additional space for its corporate employees in Altamonte Springs.

Since completing Phase 1 of the corporate headquarters in 2011, Adventist Health System has been gradually expanding and now has roughly 1 million square feet of office space.  In 2013 it completed the six-story Solutions Center, which houses the company's information technology department.

Last year, the health system completed the buildout of the 27-acre campus. Altamonte Springs city manager Frank Martz previously told GrowthSpotter, with the expansion, the company would employ 2,474 corporate workers.

Southwoods at Maitland Preserve is near where ERM Development Corp. is planning to build a new 50-unit lakefront condominium community. The Related Group is also in the midst of completing a 350-unit apartment complex called Town Maitland at Trelago.

AdventHealth's most recent deal falls in line with its bullish growth through acquisitions and new campus development.

In 2017, the company amassed more than 80 acres of land in the Medical City in Lake Nona, after purchasing about 15 acres of land on the north and south sides of Lake Nona Boulevard for $9 million.

In 2016, the company opened a $65 million, 97,000-square-foot freestanding emergency room in Winter Garden.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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