CREC principals get $10M for Orlando-area office building they acquired for $4.3M
The renovated property's occupancy rate increased from 47% to 97% over the last five years
The principals of CREC sold a renovated office building in the Orlando area for $10 million, more than double the price the company paid for the property five years ago.
The three-story office building had a 47 percent occupancy rate when CREC acquired it in 2013 for $4.3 million.
CREC then renovated the property and drove the occupancy rate to 97 percent. Merrill Lynch, Valley National Bank and Hylant Insurance are the biggest tenants.
The renovation included upgrades to the lobby, corridors and bathrooms. CREC chairman and co-founder Warren Weiser called the renovation and lease-up “a fully engaged plan to turn around an asset” in a prepared statement.
The building draws its name from its location on the fifth fairway of a golf course at Heathrow Country Club. – Mike Seemuth