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
CREC is the leading, independent, full-service commercial real estate company in Florida with offices in Miami, Orlando and Jacksonville. Since its founding in 1989, CREC has provided fully-integrated real estate services, including brokerage, leasing, management, tenant representation, receiverships, workouts, as well as debt and equity financing. The company continues to uphold its mission of being “Your Florida Partner” through its commitment to providing clients with unrivaled service and a streamlined approach. Through the years, CREC has built a portfolio of more than 13 million square feet across 100-plus properties throughout Florida. For more information, visit www.crec.com.