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View of the office building sold this week at 622 E. Washington St.
View of the office building sold this week at 622 E. Washington St. (Cite Partners)

Principals with Orlando-based medical equipment supplier Orchid Medical paid $7.9 million on Thursday for their own six-story office building in downtown's Thornton Park, with plans to relocate for a growing business.

Located at 622 E. Washington St., the sale included an office building with 36,426 rentable square feet with attached parking garage that's part of Thornton Park Central, a mixed-use development one block east of Lake Eola that dates to 2001.

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Hear from this national construction manager on where, why and when they will be relocating closer to Orlando's Central Business District.

The seller was Thornton Park Central, LLC, an investment vehicle managed by Craig Ustler of Ustler Development on behalf of himself and other investment partners.

The property was not listed for sale, but Orchid's representative Jeff Bloom of NAI Realvest made contact last year with leasing agent Jamie Barati of Cite Partners.

The building was about 50 percent vacant at the time, and Orchid co-owners Brian Carwile and Paul Taylor were interested in becoming owner-occupants.

"The buyer is local and will be a good steward of the property, which was important to me," Ustler told GrowthSpotter. "They will be an owner/user and will occupy about 50 percent of the space and will take good care of it."

Ustler and his co-investors will retain ownership of Thornton Park Central's retail/commercial space.

Learn where this new property investors money is coming from, and who is coordinating his search for more value-add commercial real estate.

Orchid employs between 80 and 100 staff, and the business will have an opportunity to grow into the new building gradually from its current leased space in downtown, Bloom said.

"They're going to take their time relocating, and will make some improvements to the space," he said. "I'd estimate they move in over the next one to two years in phases."

The buyer sourced a $3.193 million open-end mortgage from Fifth Third Bank to help finalize the purchase.

Editor's Note: The article was updated Saturday morning to correct the building's rentable square footage, and that no ground-floor space was allocated to retail.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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