In less than a year, Majors Investments has turned a nearly $1.4 million profit in the sale of its Kissimmee Medical Village at 1975 S. John Young Parkway.
The Orlando-based developer specializes in converting distressed properties into Class A medical office space. Founder Tim Majors bought the vacant, bank-owned building last August for $935,000.
Majors told GrowthSpotter on Wednesday he invested $2.6 million in renovations and tenant incentives for the 20,000-square-foot building, and in late May sold it for $4.9 million -- a 40-percent profit.
"It turned out to be a good investment for my firm," he said.
Kissimmee was Majors' ninth project under the "Medical Villages" brand. It was fully leased with spaces customized for the each user -- primary care, counseling, weight loss, physical therapy/pain management and nephrology.
He currently has projects in development in Oviedo, Pine Hills and Lake Nona.
Majors said he plans to reinvest the profits from the Kissimmee sale into "future, undetermined projects."
The buyer is an affiliate of medical REIT Physicians Realty Trust, based in Milwaukee. DOCREIT, a publicly traded trust, invests in medical offices, physician group practice clinics, outpatient care, ambulatory surgery centers, specialized hospitals, rehabilitation facilities and small specialized long-term acute care hospitals.
It currently has assets on Florida's Gulf Coast and in the Panhandle, but this is the REIT's first acquisition in the Orlando market.