OrbVest Closes Acquisition of Fleming Island Medical Office Building in Jacksonville, Florida

NEW YORK, June 14, 2021 /PRNewswire-PRWeb/ -- OrbVest, a global real estate company investing in income-producing medical commercial real estate in the United States recently closed its purchase of Fleming Island, a 76,771-square-foot office property located in Jacksonville, Florida for $14,450,000.

Fleming Island, located at 4565 US Highway 17, was built in 2010, has 350 feet of frontage on US Highway 17, and is 1⁄4 mile north of CR-220. The anchor tenant, Family Care Partners, occupies 30% of the building and is being taken over by the InnovaCare Health group, which will guarantee the current lease, expiring in 2031, and is expected to bring additional specialties to the building.

"Our expansion in Florida is driven by the fundamentals that underlie all of OrbVest's acquisitions. Jacksonville, the largest city in Florida, is growing fast and boasts a well-rounded, diverse industry base. Between 2010 and 2018, Jacksonville's population increased by almost 14%, which is 139% faster than the national average," said Martin Freeman, OrbVest CEO.

OrbVest has a portfolio of over one million square feet representing more than $340 million of specialized medical real estate under management. OrbVest acquires profitable medical office commercial buildings in fast-growing locations across the United States, raising equity from limited partners from over 20 countries around the globe.

Lincoln Harris LLC, a leading national healthcare real estate firm currently managing over 31 million square feet across 730 buildings in 22 states, is a co-sponsor for this project.

"We continue to believe that healthcare-related commercial real estate in the United States has been able to prove its resilience before and during the pandemic, and should continue its growth as an aging population and technological progress continue along its inevitable path," said Freeman. "Fleming Island is a class A healthcare asset in an excellent location and is considered to be one of the best medical office buildings available. The Jacksonville medical office building market currently consists of a total 8.5 million square feet with an average occupancy of 94.3%."

Fleming Island is OrbVest's fourth acquisition since the start of 2021, securing its third property in Princeton, New Jersey, a medical and office building comprising 40,028 square feet of rentable space; Talavi Spectrum, a 74,662-square-foot, multi-tenant office building in Phoenix, Arizona, OrbVest's second property in greater Phoenix metro area; and a 11,852-square-foot Great Expressions Dental Centers office situated on 1.15 acres in Fayetteville, Georgia.

OrbVest is actively pursuing additional medical office building investments across the United States to provide enhanced diversification for its investors and reduce concentration risk.

About OrbVest

OrbVest is a global real estate company that invests in US income producing medical commercial real estate. Within seven years, OrbVest has assembled a portfolio of over 1.4 million square feet representing >$360m real estate under management (REUM) with a 65% re-investment rate.

OrbVest's goal is to make investing in global real estate simple for small and large investors who are able to invest from as little as $5,000. Clients use a convenient online platform to invest directly into low risk commercial assets, primarily in the Healthcare niche. The investments generate regular dividends (±8% per annum) that are distributed on a quarterly basis creating annuity income and long-term wealth over the period of investment. (Targeted IRR of 11% to 17%).

For more information, visit https://orbvest.com/ or email [email protected].

Media Contact

Martin Freeman, OrbVest, 8889753331, [email protected]

SOURCE OrbVest

Related Links

https://orbvest.com