Aventura-based Larkspur Properties made its second Orlando investment on Tuesday, paying $3.75 million for a bank-owned medical office building directly across from the growing Ocoee campus of Health Central Hospital.
Located at 10131 W. Colonial Dr., the 1.1-acre parcel is directly across from the hospital campus, with close access to the East-West Expressway (408). Dubbed "West Orange Professional Center," the medical office building on the property was built in 2001, and features 17,466 net square feet across two floors.
The company also acquired five condo-office units in the neighboring medical office building, at 10125 W. Colonial Dr.
Bought by Larkspur affiliate BPC/Larkspur Ocoee LLC, the property was positioned as a value coming out of bank repossession, and stands to gain from Orlando Health's planned expansions at Health Central Hospital, which include a future comprehensive cancer center and 100-bed skilled nursing facility announced earlier this week.
"We're intrigued by the growth of the hospital, so in the next two to five years we think this area will grow in value significantly," principal David Bernstein told GrowthSpotter on Thursday. "It's also another bank-owned property, and we generally like properties that come out of (post-foreclosure sale)."
Larkspur will manage the office property, which was 80 percent occupied with medical tenants at time of acquisition, Bernstein said. The company has no immediate plans for major renovations, but may make minor interior improvements and update signage.
This is Larkspur's second bank-owned property purchase in the Orlando area, following a July 2012 buy of 190 units at the Palms Club Condominium. The group is looking for more value-add acquisitions in the area, and favors "good growth markets," Bernstein said.
The property's seller was U.S. Bank National Association, a trustee for Morgan Stanley Capital I.
The bank took ownership of the property in July 2015 from KCC Properties LLC, an affiliate managed by Miriam Lafferty of Orlando, the former wife of Dr. Christopher Rafferty, a local oral surgeon who died in November 2005.