The Real Deal Miami

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
July 28, 2018 12:00PM

250 International Parkway in Lake Mary (Credit: Google | PropertyShark.com)

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 71,160-square-foot office building, called Heathrow International, is located at 250 International Parkway in Lake Mary, within a 30-minute drive of Orlando.

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