Orlando Regional Realtor Association Inc. — which represents more than 15,000 people in Central Florida real estate — will move its headquarters after buying nearly 100,000 square feet of mostly vacant office space, setting the stage for the future redevelopment of the site.
The association bought the three-building Orlando Executive Park northwest of Interstate 4 and Lee Road for $9.5 million. The sale has not yet been recorded by the Orange County Property Appraiser. The office space on the 7.2-acre property is currently 92% vacant.
Here's a breakdown of the three buildings in the office park:
- 39,000 square feet, built in 1974
- 30,000 square feet, built in 1971
- 28,000 square feet, built in 1970
The seller, Orlando-based Clayton Investments Ltd., was represented by CBRE’s Ron Rogg and Chip Wooten.
Gary Gagnon of Orlando-based Gagnon Real Estate Investments LLC represented ORRA.
Currently, the association operates its 14,000-square-foot headquarters down the street at 1330 Lee Road. The association acquired that building for $895,000 in December 1999.
"We have no immediate plans for either sites and are working with an architect to design improvements to the [new headquarters] property," COO Amanda Ornelas told Orlando Business Journal. Ornelas declined to say who the architect is.
The property itself may become a future redevelopment opportunity for users including an auto-dealership, hotel and big-box retailer, say local brokers.More than 170,000 cars drive past the site each day, according to CBRE.
It would be the latest parcel ripe for new development in the area:
"I don't know why that growth wouldn't continue to Orlando Executive Park," said Kevin Will, an associate with Orlando-based Foundry Commercial who works in office leasing.