Local real estate attorney William C. Voight II, his brother and father bought neighboring office buildings on Vineland Road just north of Universal Orlando for $6 million on July 31, and plan renovations to boost occupancy from its current 80 percent, managing partner Ralph Voight Jr. told GrowthSpotter.
The properties, which lie at 5979 and 6001 Vineland Road directly north of Universal Boulevard and a block west of the S. Kirkman Road intersection, total six acres, with 1980s-era buildings that have a combined 78,438 gross square feet, per the Orange County Property Appraiser.
Some 6,000 square feet of office space remains unleased on the properties, which have primarily drawn medical service tenants in the past, said Ralph Jr., a former graduate of Rollins College who now lives in Texas.
"My brother, dad and I had been looking for a while for investment opportunities in Central Florida," he said. "What attracted us to those properties is that they're in a strong economic area; there's vibrant activity in the buildings."
William C. Voight II, of Orlando's Voight Attorneys at Law, partnered with brother Ralph Jr. and father Ralph to form B&T Asset Holdings for the acquisition, the family's first commercial buy in Orlando. Originally from Washington, D.C., the Voights own two office and warehouse buildings in D.C. and Maryland.
The family financed the majority of their $6 million acquisition through a loan with Iberia Bank, a choice based on William's experience working with the bank through past real estate clients, Ralph Jr. said.
"We have a plan to make some investments; there's a property manager there and we're working on devising a budget plan to see what key needs are," he said. "We haven't made any firm decisions yet on the direction."
The parcels were formerly owned by 1560 N Orange LTD, an affiliate of Orlando-based commercial real estate firm Maury L. Carter Management Corp., which bought both properties in May 2000 for a combined $6.8 million.