This office building at 225 S. Westmonte Drive in Altamonte Springs along with another building at 237 S. Westmonte recently sold together at Premier Point for $11.75 million.
This office building at 225 S. Westmonte Drive in Altamonte Springs along with another building at 237 S. Westmonte recently sold together at Premier Point for $11.75 million. (Colliers International)

Two class A office buildings, listed together as Premier Point in Altamonte Springs, sold for $11.75 million, according to a deed filed Wednesday in Seminole County.

The buyer was Escape 19B LLC, an Aventura-based firm headed by investor Gonzalo Maggi. Maggi could not be reached for comment.

Advertisement

The buildings, located at 225 and 237 S. Westmonte Drive, are both three stories and total over 97,000 square feet. They sit on lots of 2.93 and 2.61 acres.

This office building, known as Premier Point south, is one of two in Altamonte Springs that recently sold together for $11.75 million.
This office building, known as Premier Point south, is one of two in Altamonte Springs that recently sold together for $11.75 million. (Colliers International)

Premier Point is 90 percent leased with 22 tenants, according to T.J. Campton and Joe Rossi, real estate investment specialists with Colliers International of Central Florida.

Campton and Rossi represented the seller, Vista Premier Point Inc., an affiliate of the Vista Group of Companies based in the city of Kitchner, Ontario, Canada.

Co-founded by CEO Amin S. Visram and COO Ally Visram, Vista Group invests in real estate and specializes in property turn around, according to its website. The company paid $3.95 for the buildings in December 2013, according to Seminole County land records.

Terracap buys Maitland Center office building, plans renovations

Maitland Center's office market just got hotter. Learn more about the deal here.

Campton and Rossi, who represented the seller when Vista bought the property, say the Canadian firm spent more than $2.6 million on renovating the two buildings. Upgrades included lobbies, restrooms, HVAC and common areas.

“What they paid for it then was a fraction of this and the buildings were in distress,” Rossi told GrowthSpotter. “They put time and effort in to make it a clean deal for us to go out and sell it, and it was positively received by the market. We had a number of groups looking at it.”

Premier Point is about a mile north of the Maitland Center office park in Orange County. Campton said the Premier Point buildings are smaller than those in the older Maitland Center, thus offering tenants offices right off the lobby with more exposure to the public.

“These buildings give a smaller tenant a better sense of place,” he said.

EDITOR’S NOTE: This story has been updated to correct the previous purchase price of the properties.

Have a tip about Central Florida development? Contact me at Newsroom@GrowthSpotter.com or (407) 420-6261. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

Advertisement
Advertisement
Advertisement