Orlando-based Majors Investments bought a vacant commercial building in Winter Garden in May for $2.2 million, pumped another $2 million into its redevelopment as a multi-tenant medical village in recent months, sold it for $5.4 million on Nov. 5 and is now seeking similar distressed assets to buy, the company's president and CEO told GrowthSpotter.
Located at 1201 E. Plant St., the 20,651-square-foot commercial building sits on 6.43 acres, and is already full leased.
"We've done this on about 10 properties already in the region, and in this case turned a struggling property into a vibrant medical village," said Tim Majors. "We are looking for similar properties in the area, no smaller than 20,000 square feet, which gives us a building size that can bring in various specialties. We create this sort of internal-referring medical village where doctors support each other, and it's a one-stop-shop for patients."
A division of Majors Investments has been created specifically for this growing focus of the company on revamping professional buildings as medical villages.
Franklin, Tenn.-based Community Healthcare Trust Inc. bought the Winter Park building for $5.4 million. CHC owns three other healthcare-related professional buildings in the Orlando area and is a publicly traded REIT that focuses on smaller medical office properties in non-urban markets.