Miami-based TCII Capital Group spent $9.5 million on Wednesday for a four-story office building and adjacent retail properties at one of Winter Park’s busiest intersections.
Located on the southwest corner of W. Fairbanks and S. Orlando avenues, the four properties acquired total 1.99 acres, and are set just behind the Mattress One-anchored parcel directly on the corner.
Three fully-leased buildings were included in the deal, the largest being a four-story 35,607-square-foot office building (1241 Gene St.) with six tenants led by Wells Fargo Bank and TravelTab, a developer of apps that helps travelers with directions, accommodations and other needs.
TCII vice president Jason Glaser said Thursday the new Winter Park properties are "well-situated and stable assets" with no immediate renovation needs.
“It’s a strong intersection in a very strong market,” Glaser told GrowthSpotter. “We like high quality assets like this. It’s just really good real estate.”
The two smaller parcels each have a one-story retail building, including a restaurant now under construction. TCII declined to name the restaurant.
The seller was Finance Center Winter Park LLC, an affiliate of local commercial real estate investor James Veigle, who was formerly a co-owner of the Rachel's adult nightclub chain. Scott Taylor of Florida Premier Realty Group was listing agent for the property.
Lee Zerivitz of CITY Commercial represented TCII's buyer affiliate Winter Park Investment Group LLC.
The newest acquisitions add to TCII’s growing Orlando-area portfolio.
Prior to this week’s deal, the full-service real estate firm owned four properties in the area, including a strip mall in Altamonte Springs purchased in February.