New York-based developer and property manager GDC Properties paid $1.37 million on Friday to buy a 92-year-old office building on S. Magnolia Avenue, where it has a new lease tenant lined up but could relocate its own local office in the future.
Located at 500 S. Magnolia, directly across the street from the Dr. Phillips Center, the newly-acquired property was built in 1923, and features 4,885 square feet of living area across four floors.
It had been marketed for sale since at least June 2015 by former owner Charles E. Kramer, a Winter Park-based entrepreneur and health care executive whose Kramer Healthcare Technologies previously occupied the office property.
Local web design and development firm Designzillas moved into the property on Jan. 26 on a new lease signed with GDC, a company manager said Monday.
GDC is currently leasing a two-story office building at 833 N. Magnolia Ave., a few blocks north of its new asset, with 2,369 square feet of living area. The company could more than double its space if it moved to the new property, but intends to remain in its current leased office for the foreseeable future, Richard DeMarco, director of operations at GDC, told GrowthSpotter on Monday.
"There are no immediate plans for the property other than its current use. We believe strongly in the future of Orlando's downtown," he said. "Five Hundred South Magnolia presented us with an opportunity to increase our presence here, and we took it."
The building at 500 S. Magnolia has been continually occupied for many years, and despite its age is in good shape, with no renovations anticipated in the near future, DeMarco said.
GDC owns and manages a diverse portfolio of retail, multifamily, mixed-use and hotel properties, including downtown Orlando's Aloft Hotel and the 246-unit NORA apartments on N. Orange Avenue in the North Quarter neighborhood.