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Southern California based private equity firm buys professional office building in Oviedo

A photo of the Oviedo Crossing Medical Center at 7400 Red Bug Lake Road.
A photo of the Oviedo Crossing Medical Center at 7400 Red Bug Lake Road. (IRA Capital)

Irvine, California-based IRA Capital just bought a medical office building in Oviedo for $8.65 million.

The 22,251-square-foot Oviedo Crossing Medical Center at 7400 Red Bug Lake Rd. sold for nearly $390 per square foot. The multi-tenant property is anchored by Orlando Health and a number of specialty clinics.

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Tenants include SimonMed Imaging, Florida Cardiology, Center for Digestive Health, Orthopedic Institute of Central Florida and Ability Rehabilitation. It sold 100 percent occupied.

The seller, Oviedo Crossing Professional Plaza LLC, developed the single-story office building in 2004 with the help of a $3.175 million construction loan from United Heritage Bank, based in Maitland.

The developer will have a year to start construction once the site and final engineering plans are approved,

The entity is led by a group of medical doctors, including Dr. Samuel McLeod and Dr. Christopher Caggiano, among others. Records show the investors paid $757,100 for the 3.1-acre site in 2003.

The property is situated within one mile of the recently completed AdventHealth Oviedo emergency room and is within two miles of the Oviedo Medical Center, a 64-bed hospital that opened in 2017.

IRA secured a little more than $5.6 million in financing from Siemens Financial Services to acquire the property.

Amer Kasm, a partner at the firm, said the company was attracted to the building’s location and complementary mix of healthcare providers.

“It creates an ideal referral network among tenants and contributes to the long term viability and success of the asset,” he said in a written statement.

IRA specializes in picking up medical/healthcare real estate assets. Since opening in 2010, the firm has acquired more than six million square feet of properties across 25 states, valued at about $2 billion.

The private equity firm invests capital for its own account and on behalf of its co-investment partners, which include pension funds, institutions, family offices, and individuals.

Nearby developments in the works include a mixed-use project by LeCesse Development Corporation that consists of a 269-unit apartment complex and two commercial out-parcels at 3200 State Road 426.

Developer Marc Hagle is also planning two apartment communities and a 124-room hotel at the shuttered Macy’s store at the Oviedo Mall at 1700 Oviedo Mall Boulevard.

Have a tip about Central Florida development? Contact me at arabines@GrowthSpotter.com or (407) 420-5427, or tweet me at @amanda_rabines. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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