Physician Partners, a rapidly expanding independent physicians group based in Ocala, paid $2.2 million earlier this week for its first office property investment in Greater Orlando, and is seeking more in the area.
The group bought the 12,846-square-foot Waterford Lakes Suites building at 11317 Lake Underhill Road, according to a deed recorded Wednesday in Orange County. The office building is near the corner of Rouse Road and the Spessard L. Holland East-West Expressway.
The seller was Waterford Lakes Drilling Project LLC, a Lake Mary-based company headed by urologist Dr. Arthur Albers, who had the offices built in 2006, according to Ben LaFreniere, listing agent on the property.
Physician Partners, which bought the building through affiliate Ayon Realty LLC, did not respond to requests for comment. Ayon is headed by family members Siddhartha "Sidd" Pagidipati, Srujani Pagidipati and Rahuldev Pagidipati.
The building sits on 1.6 acres, has six suites and 59 parking spaces. The physicians practice will operate out of the 2,500-square-foot Suite 100 and will lease the other suites, LaFreniere said.
Some of the suites are already leased, and LaFreniere expects the building to be fully leased by year's end.
LaFreniere said the medical practice has asked him to find similar available properties in Kissimmee, St. Cloud and Sanford. He is also handling leasing and marketing at Waterford Lakes Suites.
"(Physician Partners) has been growing and doing well,” said LaFreniere, “so now they want to diversify into real estate.”