AdventHealth continues to stock up its real estate portfolio, this time by acquiring a medical building it was leasing in Altamonte Springs.
Coming off the heels of a 10-year lease, the health system dropped about $6.4 million to acquire a 21,586-square-foot medical building at 894 E. Altamonte Drive. The deal breaks down to about $297 per square foot.
Hospital spokesman David Breen told GrowthSpotter the building was occupied by AdventHealth and AdventHealth Medical Group, an arm of the company that provides primary care and specialty care.
Having completed a 10-year lease, Breen said owning the building rather than signing another lease made sense, given the money spent on equipment and upgrades.
Entity MRCRL LLC, led by physician and real estate investor Raul Castillo, bought the 1.32-acre property in 2004 for $955,000. Lee Zerivitz, a managing partner at CITY Commercial, represented the seller.
Built in 2006, the three-story medical building is less than a half mile from AdventHealth's 27-acre corporate campus, near the intersection of State Road 434 and Maitland Boulevard.
Since completing Phase 1 of the corporate headquarters in 2011, AdventHealth has been progressively expanding in Altamonte Springs and neighboring cities like Maitland.
Earlier this year, the health system paid $6.85 million for a Maitland office building. The purchase was made to serve as additional space for its corporate employees in Altamonte Springs.
AdventHealth is also in the midst of opening several freestanding emergency departments, including facilities in Waterford Lakes and Oviedo.
Earlier this month, GrowthSpotter reported the company filed plans with City of Orlando for a major expansion at the base of the Ginsburg tower at 601 E. Rollins St. A series of sleek new renderings designed by HuntonBrady Architects show the 45,000-square-foot addition would overlook Lake Estelle.