Orlando-based Majors Investments paid $2.3 million on Oct. 26 through an affiliate to buy a local media group's office building in MetroWest, where it plans to house the staff of its Medical Villages division and find tenants for the half-empty building.
Located at 1500 Park Center Dr., between Metrowest Country Club and Valencia Community College's Kirkman campus, the 5.32-acre property features a 16-year-old building with 20,500 square feet of conditioned area.
The seller, Ramlee Holdings LP, last paid $764,800 in August 1999 for what was then undeveloped property. That company is led by Ramsay E. Crain, owner of Turnstile Media Group, which leases part of the office building and is publisher of Golfweek and local newspapers the Seminole Voice and Winter Park/Maitland Observer.
Hear from the buyer on the relationship they've built with Tim Majors over multiple transactions, and why the Orlando market continues to lure them back.
By Mike Salinero
Aug 25, 2016 | 3:40 PM
A former Australian lawyer and businessman, founder Tim Majors' diversified commercial real estate company specializes in converting distressed properties into Class A medical office space, primarily through Medical Villages.
This office building will be 50 percent leased after relocating the Medical Village division's 30 employees there. The remaining 10,000 square feet to be marketed for another corporate tenant, Majors said.
The building was well maintained and requires little renovation investment, he added. Majors' company plans to market the available space itself.
Majors' other corporate office project is a 30,000-square-foot complete renovation of the former two-story Orlando Surgery Center at 2000 N. Orange Ave., in Downtown Orlando's Ivanhoe Village.
A Majors affiliate bought that 0.42-acre site and building in July 2015 for $1.2 million.
Construction began earlier this year, and the rebuilt three-story building should now be finished this coming January, he said. A notice of commencement was filed with Orange County on Oct. 27, with Sunshine Medical Construction Company hired for exterior and interior remodel.
"It's a very big project for us and is going well, but refurbishment is always more challenging than new construction," Majors said.
It will house a small museum on the first floor with Majors' classic car collection, the second floor will be home to Majors Investments' administrative team, and the third floor will be a rooftop bar named M Lounge.
That building's renovation cost will approach $7 million, Majors said, with the rooftop lounge projected to open by March 2017.
Always active in his purchase and sale of Medical Village properties, Majors estimated another 10 buildings across Florida he has closings set for in the next 60 days.