A view of the two-story office building at 2100 N. Orange Ave. in Ivanhoe Village that was acquired recently for $4.2 million. This view is looking northward.
A view of the two-story office building at 2100 N. Orange Ave. in Ivanhoe Village that was acquired recently for $4.2 million. This view is looking northward. (Google Street View)

A Sarasota-based property investor and her European investment partner paid $4.2 million in late December for two small office buildings in Ivanhoe Village. It's the duo's first Orlando asset, and they'll seek more medical/office properties to purchase here this year.

Nancy Mina serves as partner and executor of a portfolio of Florida properties for a wealthy investment partner from the western European country of Luxembourg. The duo had focused on residential property up until Fall 2015, when Mina sold housing assets in Sarasota and a 1031 exchange fulfillment opportunity arose.


"We realized we wanted to shift over the the commercial side, because we felt there would be a greater upside in cash flow, time management and long-term capital gain," Mina told GrowthSpotter on Monday. "We drove all over the state of Florida to see properties, and candidly, I think Orlando is going to be the up-and-coming market, as Miami and the east coast reaches its capacity for growth, particularly when you look at the airports."

Mina and her partner reinvested those proceeds in two small, two-story semi-attached office buildings at 2100 N. Orange Ave., located near the southwest corner of Orange-E. Princeton Street, in Ivanhoe Village. The 0.35-acre parcel features 11,419 square feet of gross area across the two buildings.

The office properties were fully leased at time of sale with medical service companies and required no immediate renovation work, both key factors in the type of no-hassle asset Mina was seeking.

"We like the medical vertical market. When you look at Florida Hospital (Cancer Institute) right up the street, they're also building a lot of new apartments in that immediate area," she said. "So in terms of our lease rate, in five years I think we'll be in a really hot spot."

Greater Orlando will be a focal point for more acquisitions by Mina and her partner this year. They prefer office and medical properties that are fully leased, tenant contracts of 10 years or more with built in escalations, and a price range of $5 million to $6 million, she said.

Mina bought her Orlando property through affiliate LLC 2100-2106 Orange, with Sarasota-based commercial broker Gail Bowden of SVN representing. Mina's name is the only one recorded on LLC filing documents.

She and her partner acquired a mortgage of $2.3 million from Centerline Finance Corp., an affiliate of Hunt Mortgage Group out of New York. It was the first time they have borrowed money for an acquisition, Mina said, and chose this lender because it offered a non-recourse commercial loan option.

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.