A building that started out as a Costco Wholesale30 years ago, and has been sold numerous times since, has now been bought by a Houston investor for $8.5 million, with the property's technology bent apparently serving as a lure.
The Eatonville property, known as Orlando Telecom Center, at 440 West Kennedy Blvd., splits its 117,000 square feet of space between between technology data centers and an office furniture showroom.
A limited liability company headed by Houston investor Clay Spears finalized the purchase Wednesday, people familiar with the matter said.
Spears operates Signal Hill Management, LLC, which focuses on the development, acquisition, financing and startup of energy and technology projects and businesses, according to Spears' LinkedIn profile. Spears could not be reached for comment.
The buying entity took out a mortgage worth $5.525 million from Aetna Life Insurance Company related to the purchase, Orange County records show.
The 9.7 acre parcel was sold by Mitchell Dorin, who operates Office Furniture Outlet at the site.
Dorin bought the property for $6.15 million in 2007, Orange County records show. Built in 1985 as a Costco, the building has also been owned by Castle Cook Carrier Hotels. In 1999, it was turned into a technology data center.
Right now, four business data centers take up half the building and the furniture outlet occupies the other half.
Spears is expected to keep the building as an investment property and not move new tenants in, said people familiar with the matter.