An Orlando firm that invests in medical properties has expanded its portfolio with the $1.25 million purchase of a building in Oviedo.
Majors Investments bought the medical office building from Ian Drummond Crawford of Longwood, which may have found a diamond in the rough. The building is less than a mile from the new Oviedo Medical Center hospital that is being built.
Crawford had a windfall in 2001. He sold his Longwood company, Analog Modules, which makes electronic products for laser and electro-optics uses, for $15.6 million to Heico Corp. of Hollywood, Florida.
Crawford, who is now president of Analog Modules, told GrowthSpotter on Monday he sold the site because he was taking it easier, spending more time "on the beach" at a new condo in Long Boat Key and did not want the work that goes with managing a property.
The 12,800-square-foot medical office building is at 1000 Executive Dr. and sits on 1.6 acres.
The building, which was bought at a reduced price, contains nine suites, with most designed for medical use, and was 40 percent leased at time of sale, according to a LoopNet listing.
Crawford sold the property through Oviedo Pro Center LLC, and Majors Investments made its purchase through Geelong Holdings LLC, property records show. Crawford paid $1.617 million for the site in 2010, according to sales records.
Tim Majors, CEO of Majors Investments, did not return calls. The company's goal is "to be the leader of medical office construction, development and leasing in the Central Florida market," its website says.
Most of the website is given over to development and construction the firm is involved in, with very little discussion of leasing, which is what the new purchase would involve.