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A photo of the medical building at 1743 Park Center Dr.
A photo of the medical building at 1743 Park Center Dr. (CVP)

A Miami-based company led by Francisco Martinez-Celeiro, a former Spaghetti Western star, just dropped $12 million for a recently renovated medical office building in Orlando’s MetroWest neighborhood.

The 36,828-square-foot property at 1743 Park Center Dr. traded hands for about $325 per square foot. It was sold by a joint venture led by Illinois-based private equity investment firm, Chicago Venture Partners.

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New Jersey-based investor Chaim Yosef Bialostozky signed the deed as the sole member and manager of the selling entity, 1743 Park Center Holding LLC.

The partners paid $3.9 million for the property in 2017, meaning in over two years the property has more than tripled in value. It was built in 2001, and lies a short distance from the Valencia College campus in MetroWest.

Learn more about the market factors driving this company's investment, and what local consultants it has signed on thus far.

According to a marketing material, the JV fully renovated the building in 2018. It was asking $12.7 million.

The four-story building sold fully leased to tenants Amerihelp, West Orange Nephrology, Integrative Physical Medicine and Omega Research Group.

CVP provided a little more than $2.85 million to finance the initial investment in 2017. That mortgage has since been satisfied.

Martinez-Celeiro, who went by George Martin during his acting career, bought the property through an entity called Rumasa Corp. He sourced a $2.76 million mortgage from Coral Gables-based Amerant Bank.

He’s also behind a number of investments in Miami and Key Biscayne.

In September, The Real Deal in South Florida reported that his attempt to upzone the former Babylon Apartments site in Miami’s Brickell neighborhood, to allow for a new 24-story development, was shot down.

Earlier this month, the former movie star sold a warehouse building in Miami’s Overtown neighborhood for $9.5 million, also through entity Rumasa Corp., according to TRD.

Martinez-Celeiro joins a number of investors buying property in the MetroWest area. Earlier this summer, New York-based Blackstone Group paid close to $73 million for an apartment complex nearby called Amara at MetroWest. The deal for the 411-unit complex at 6168 Raleigh St. broke down to $177,130 per unit.

Last year, a company tied to Marco Loleit, president and CEO of Olympia Compounding Pharmacy, paid $1 million for a nearly 2-acre vacant lot at 5954 Metrowest Blvd. with plans to build a 25,000-square-foot pharmaceutical compounding facility with surface parking.

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 Facebook, Twitter and LinkedIn.

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