Avanti Way Capital, a Miami-based real estate asset management firm, announced the acquisition of Hoffner Commerce Center, a 94,000-square-foot multi-tenant office building located at 5442 Semoran Blvd in Orlando.
Avanti Way Capital purchased the 10.5-acre site from a private investor under the entity, Hoffner Center, LLC for $22 million. Marcus & Millichap represented the seller and Avanti Way Realty represented the buyer. Closing took place on March 31.
“We are thrilled to add this asset to our diversified and growing portfolio,” stated Andres Korda, principal, Avanti Way Capital. “In addition to its superb location, the property features a resilient tenant base of established medical, financial services, and government occupiers, as well as five acres of vacant land with flexible zoning, allowing multiple opportunities to create additional value for our investors.”
“We will be stabilizing the asset through our best-in-class management, followed by the execution of a strategic capital improvement plan,” added Arturo Borges, managing partner, Avanti Way Capital. “We will maximize income and minimize vacancies by bringing rental rates to market, rolling existing gross leases into triple net, and finally, maximizing the vacant land opportunity.”
Strategically located minutes from Orlando International Airport, Hoffner Commerce Center benefits from easy access and prominent frontage along the highly traveled South Semoran Boulevard. In addition to the immediate area, the surrounding markets of Lake Nona and Narcoossee have been experiencing significant growth.
“The acquisition is in line with our comprehensive investment strategy, focusing on quality assets in growth markets across Florida with strong fundamentals, where employment drives household formation, there is growth in occupancy and tenant demand, and close proximity to highly populated, already-developed cities that may be saturated with investor activity” added Enrique Teran, principal, Avanti Way Capital.
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