Affiliates of Orlando-based Orange Lake Resorts paid $36.55 million on Friday for more than 21 acres at Tavistock Development Company's Infinity Park property, buying an existing office building and adjacent land that is planned for its new corporate campus.
Located in the 9300 block of S. John Young Parkway, just southeast of Destination Parkway and near the Florida Turnpike and Beachline Expressway, the property has been prepared for development and new construction since mid-July.
That's when Orange Lake Resorts announced it would expand its current presence at Infinity Park from an existing 115,000-square-foot building that it began leasing in March for a sales and marketing division, to include a new 125,952-square-foot building for a total campus footprint of more than 240,000 square feet.
Orange Lake coordinated the land investment through Atlanta-based SunTrust Equity Funding, an investment arm of SunTrust Banks, Inc., which specializes in direct and multi-manager investments.
"Orange Lake Resorts has had a strong financial relationship with SunTrust Bank for many years," spokesman Brian Martin said Wednesday.
Two deeds were signed on Dec. 22, and recorded Wednesday in Orange County.
The acquisition includes parcels 6A (9.94 acres - developed office building), 6B (7.075 acres) and 7A (4.05 acres) within the World Design Center PD, of which the latter 11.125 acres remain undeveloped.
Horizontal and vertical construction plans and permit requests were filed in November by a Tavistock affiliate to build a new three-story, 131,589-square-foot shell office building on the property, valued conservatively by the applicant at more than $18.4 million in project cost. Those permits remain under staff review.
"We expect that construction of the outer shell of the building will begin by mid-2018, with completion of the building in early 2019," Martin said.
Orange Lake Resorts' buyer affiliate also assumed a long-term lease for the existing office building, which Orange Lake Holdings had last amended on June 12. Its lease for the new building will be for approximately 12 years with renewal options.
The buyer agreed as part of the sale contract that for 75 years they can only develop general office and related uses, with the undeveloped 11 acres allowed up to 131,700 square feet of conditioned area and 800 parking spaces.