A Tampa family investment group paid $7.275 million on Oct. 31 to buy a three-story, Class A office building in ChampionsGate.
John Navratil told GrowthSpotter his family began investing in real estate in 2000 when they bought the first of several mobile home parks. Earlier this year, an investor bought their entire portfolio.
"When we sold those we had to do a 1031 exchange, so we bought two properties," he said.
The 44,605-square foot building sits on a 3-acre parcel at 8390 ChampionsGate Blvd. The building is fully leased to multiple tenants, including ChampionsGate developer RIDA and Walton International, master developer of Ridgewood Lakes.
"We were looking for something that was less management-intensive," Navritil said. "We really like the area, it's growing very fast. After 16 years in the mobile home park business, we wanted a change of pace."
They contracted with Tampa-based RPM Realty to manage the property.
The Four Corners area resort is developing rapidly with hundreds of vacation homes. Also scheduled for completion in 2017 are a 308-unit luxury apartment complex, new retail space at ChampionsGate Village and an expansion of the conference center at the Omni Orlando Resort and Phase 2 of the ChampionsGate Villas. Construction is also underway on Tuscan Isle, a luxury retirement community with assisted living and memory care.
The ChampionsGate acquisition was the second purchase and fulled the 1031 requirement. Earlier in the month, the family bought a pair of flex buildings near the intersection of Interstate 75 and U.S. 301 for $9.23 million.