AdventHealth Clermont expansion spurs flurry of office sales
By Jerry Stockfisch
Nov 14, 2019 at 4:04 PM
Maitland-based commercial real estate firm V3 Capital Group has acquired a three-story office building in the busy corridor along State Road 50 east U.S. Highway 27 in Clermont.
The Oct. 29 sale of the building at 1645 S.R. 50 means all three of the nearly identical buildings that make up the Florida Plaza complex at Oakley Seaver Drive have changed hands independently in the last six months.
V3 paid $4.1 million for the middle unit, encompassing roughly 25,000 square feet, on Oct. 22.
“We really like the Clermont area,” said Bobby Bridges, V3’s vice president for real estate services. He told GrowthSpotter that an expected explosion in medical services in the area – driven by AdventHealth’s plans for a freestanding emergency room and medical office complex a block away at SR 50 and Citrus Tower Boulevard -- is expected to create heavy demand for office space.
“All of those factors really stood out for us,” Bridges said. “It’s a really clean building, really well-maintained both inside and out, and was a really easy asset for us to pick up.”
AdventHealth announced in the summer it had acquired the 16.71-acre S.R. 50 parcel and the Lake County Commission approved medical development on 7.5 acres on June 11. A medical office building will be 39,000 square feet, while an emergency room is targeted for 21,000 square feet.
The Clermont facility will be AdventHealth’s seventh freestanding emergency room/medical office complex in Central Florida.
Other CRE investors have also taken notice. On May 2, Reflin 23 Florida Plaza LLC of Aventura bought the eastern building of the three-unit complex for $4.3 million, according to Lake County records.
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V3 Commercial Advisors, part of the V3 Capital organization, will handle property management and leasing of the building.
Bridges represented the buyer, while the seller, 1645 Inc., represented itself.
V3 is in the permitting process for a two-story, 25,000-square-foot Class A office building in Winter Park and is awaiting licensing of its Strive Senior Living complex in Fern Park.
Its other projects in the area are retail, including the Shoppes of Auburndale, Haven Square in Winter Haven, and West Colonial Center in Orlando. It recently sold the Clermont Regional Shopping Center to a Texas investor.
“V3 Capital was attracted to this asset (the Clermont office building) to add further diversity to our portfolio and put another flag in the ground in the growing Clermont market,” said Trey Vick, chief executive of V3. “This building is well-located and has a strong tenant mix while still providing opportunity for growth.”