PrimeMed Realty, a Miami-based real estate investment firm that started business this year, recently made its first Central Florida acquisition in Longwood and is pursuing more.
The company paid $4.15 million for the former ProMed Center, a medical office building at 225 West S.R. 434, according to a deed signed Oct. 4 and recorded Oct. 12 in Seminole County.
The two-story building has been renamed PrimeMed Longwood and is now 94 percent leased, president Chris Montello told GrowthSpotter.
"We love Orlando; we're very interested in buying 10 to 15 buildings in the Greater Orlando area," he said. "That was our first acquisition. We have a couple others under contract but can't disclose them. We're super excited to be up there."
Montello said he and his partner, Ofer Stark, liked the location on S.R. 434 at the intersection with S. Milwee Street, and 434 as a main corridor between Interstate 4 and the Seminole County Expressway. The office is also a block away from Orlando Health's South Seminole Hospital.
The 15,450-square-foot PrimeMed Longwood center sits on 1.28 acres, with six suites ranging from 1,150 to 4,882 square feet. Tenants include SimonMed Imaging, BioReference Laboratories and Family Medicine at Longwood, a multi-specialty practice.
Montello said the building is in good shape, but he plans some renovations and will hire local contractors.
"We're always going to put our mark on a building," he said. "It's not that it's needed but we have high standards about how we want things to look and feel. Health care is all about the patient's experience."
Montello said he and Stark specialize in healthcare properties, which he called "defensive" investments that are stable because people always see doctors, even during economic downturns. The partners are looking at both leased-up properties and value-add. The main prerequisite is that their acquisition targets, like ProMed, are near hospitals.
"We see Orlando, with all its growth that's going on health care is going to grow too," he said.