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.
The seller was Thornton Park Central, LLC, an investment vehicle managed by Craig Ustler of Ustler Developmenton 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.