Out-of-state office investors make Orlando market entry with purchases in Orlando and Maitland

The 150,817-square-foot Southpoint Executive Center in Maitland sold for $23.56 million.

At least three different out-of-state commercial investors entered the Orlando market recently with purchases that took place in Maitland, Orlando, and near the University of Central Florida.

The Simpson Organization recently paid $23.56 million for the 138,282-square-foot Southpoint Executive Center in Maitland. The office at 151 Southhall Lane was almost fully leased at the time of the sale.


The anchor tenant, Advanced Dermatology & Cosmetic Surgery, signed a 10-year lease in 2020. The dermatology company takes up about 35,000 square feet of space at Southpoint.

The Southpoint Executive Center's 3-story atrium lobby was renovated before it was bought by The Simpson Organization.

Records show Tower Realty Partners Inc., the sellers, purchased the property in 2015 for $12 million. At the time of the deal, the office building was about 70% occupied. The seller invested about $1 million in capital improvements including renovating a large 3-story atrium lobby.


Ron Rogg, executive vice president of the Central Florida CBRE Capital Markets team, brokered the deal.

“We had generated a lot of interest in the Southpoint asset because it checked a lot of the boxes investors were looking for,” adding the office features amenities like a cafe and fitness center with showers.

The building sits on 9.09 acres within the roughly 5 million-square-foot Maitland Center Office Park. Tower is one of the largest commercial office landlords in the Maitland Center with about 1.2 million square feet of office space in the park.

Records show TSO sourced a $17.65 million mortgage from CIBC Bank USA based out of Chicago to finance the deal.

The Cardinal Point At Sandlake office building sold for $15.5 million.

In Orlando, Beloit, Wisconsin-based Hendricks Holding Company entered the market with a $15.5 million purchase of the Cardinal Point at Sandlake office building.

The all-cash deal for the 42,277-square-foot office building at 7208 W. Sand Lake Rd. sold for about $366 per square foot. Amenities include on-site maintenance services, bank with ATM, magnetic door locks and card key access.

Cardinal Point Management, a Tampa Bay-based investment and property management firm, sold the property. Records show it bought the office building in 2015 for $7.02 million.

Rogg, who also brokered this deal, said Hendricks was one of six deals the brokerage closed in the Orlando market last month. “Out of the six deals, five of them have been first-time buyers in our market,” he said.


HHC is a holding company that oversees a portfolio of businesses, including manufacturing, distribution, real estate development, construction, recycling, and life sciences, according to its website.

The office at 2603 Discovery Dr. sold for $15.81 million while the office at 2501 Discovery Dr. sold for $14.48 million.

By UCF, Alidade Capital LLC dropped a little more than $30 million for a two-building property portfolio located at the Central Florida Research Park.

The office buildings at 2501 and 2603 Discovery Dr. feature 153,345 square feet of space on about 31 acres of land. Taurus Investment Holdings was the seller. The company bought the office buildings between 2014 and 2015 for a combined $22.4 million.

Alidade Capital is a fund manager and registered investment adviser based out of Bloomfield Hills, Michigan.

Records show the buyer assumed a loan from 2014 in the original principal amount of $7.99 million from Deutsche Bank Trust Company Americas, as Trustee for the Registered Holders of J.P. Morgan Chase Commercial Mortgage Securities Trust 2014-C20, for the office building at 2501 Discovery Drive.

Alidade financed the second building, at 2603 Discovery Dr., with a $10.15 million loan from BankUnited.


According to CBRE’s Workforce Sentiment Survey, 85% of workers nationwide said they would like to work remotely at least two to three days per week. The survey also shows a majority of employers are willing to meet this demand with 87% of firms stating they will adopt a hybrid work program of some kind.

“You would think ‘why would anyone buy an office building now,’ but it’s really just a matter of time before we see full utilization of office space again,” Rogg said. “Investors are thinking ‘let’s get in now,’ because they anticipate prices will increase in the future.”

Also in late December, New York-based Laufer Capital paid $3.75 million for a 1.1-acre assemblage that includes the former AdventHealth medical office at 1723 Lucerne Terrace. Managing Principal David Laufer told GrowthSpotter this was the firm’s fifth MOB asset around the Orlando Health campus in SoDo, and renovations are already underway at the 10,600-square-foot building. Jamie Barati and John Worrell with JLL are heading up the leasing efforts for the office space.

Laufer said the firm is actively looking for additional medical office properties and development opportunities up to $15 million in the Orlando market.

EDITOR’s NOTE: A previous version of the article used incorrect information off a press release. The square footage of the Southpoint Executive Center in Maitland is 138,282 square feet not 150,817 square feet.

GrowthSpotter editor Laura Kinsler contributed to this story. Have a tip about Central Florida development? Contact me at or (407) 491-3357, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.