GREENVILLE, S.C. – RealOp Investments, a Greenville, South Carolina-based commercial real estate investment firm, recently made its first foray into the Orlando market with the acquisition of Lake Destiny Executive Center at 1101 North Lake Destiny Road, Maitland, Florida.
“Orlando has been on our radar since 2016, so we are pleased to have planted our flag in the market,” said Julian Nexsen, RealOp’s vice president of acquisitions.
The four-story, Class B office building built in 1985 totals 57,526 square feet and was renovated in 2016. The office center is currently 83 % leased and has a well-diversified rent roll with tenants spanning several different industries. The remaining available space ranges from 1,000-5,000 square feet.
RealOp plans to invest in capital improvements, including interior cosmetics, ADA compliant renovations and exterior upgrades to create desirable, modern spaces. These improvements will bring the building to submarket standards, aligning with RealOp’s goal to provide a “best in class experience.”
“Initial marketing and outreach efforts will highlight our ability to provide tenants with high-end, updated spaces in a very attractive and accessible location,” said Chip Hunt, RealOp’s vice president of leasing. “We are also investing heavily in efforts to build a stronger brand and sense of place for the asset while capitalizing on good in-place fundamentals.”
Lake Destiny is located in the heart of Maitland Center, offering many nearby tenant amenities including shopping, dining, and fitness. Maitland Center consists of more than 6 million square feet of institutionally owned suburban office product with immediate access to I-4 and convenient access to downtown as well as a diverse variety of housing, from entry level apartments to executive communities. Lake Destiny has a strong position to take advantage of the surrounding area’s rising rental rates, urban-like amenity base, and surging population growth.
“Orlando continues to gain prominence for its population growth, millennial migration, highly skilled workforce and affordable cost of living,” Nexsen said. “As we look to 2020, we plan to continue growing our presence in Florida and throughout the Southeast with a focus on value-add acquisitions in strong growth markets, such as Orlando.”
This marks RealOp’s fifth Florida acquisition in two years, with additional properties in Jacksonville and Tampa.
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Gabriel De Jesus, Vice President
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About RealOp Investments:
RealOp Investments is a commercial real estate investment company founded in 2009 specializing in value-add and opportunistic acquisitions. With deep roots in the Southeast, our investment strategy spans all commercial asset classes and is based on a relationship-driven pursuit of value; not only in identifying off market opportunities, but in creating value through innovative capitalization structures, management expertise and the execution of unique strategies tailored to each asset. The firm was named the 2019 Greenville Chamber Small Business of the Year, and one of the Top 25 Fastest Growing Companies in the state of South Carolina for 2018 and 2019. Learn more at www.realopinvestments.com.