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Ocala's premier office building for sale after 13 years of foreign ownership

Ocala’s premier office building for sale after 13 years of foreign ownership

Colliers International has listed the Regions Center,

a Class A suburban office building in Ocala

OCALA, Fla. (August 7, 2019) – Colliers International has listed a 32,968-square-foot office building in Ocala for $6.95 million. The building, marketed as ‘Regions Center,’ was purchased in 2006 by American Realty Investors, a Germany-based consortium of commercial real estate investors. Regions Center is newly listed for sale as an investment opportunity for either investors or a local tenant to own and occupy the building.

Regions Center is currently 93.5% leased to reputable tenants, including Regions Bank, Bankers Life Insurance Company and Auto-Owner’s Insurance. In May 2020, the second floor will become available for occupancy, bringing 11,184 square feet of divisible space on the market. All other tenants have longer term leases that run until late 2021 or later.

“It’s a rare opportunity for Ocala,” said T. J. Campton, broker associate with Colliers International. “It affords an investor or end-user to own the nicest suburban office asset in Ocala. Debt is at a new low following recent softening to U.S. monetary policy. Regions Center offers the opportunity to either own and lease or own and occupy the most prestigious office building in this market. There’s a great deal of cash flow from creditworthy tenants.”

According to CoStar.com, Ocala’s office vacancy rate was 6.8 percent at the end of the second quarter of 2019 – similar to Orlando’s 7.4 percent vacancy rate. Through the first two quarters of 2019, Ocala absorbed approximately 71,000 square feet of space, more than all of 2018 combined.

“This center gives tenants a picturesque and calming birds-eye view of Deerwood Professional Park.” said Randy Buss, business director at NAI Heritage, who handles leasing of the asset. “If a business is looking for a premier location, this building delivers.”

The Ocala market has been steadily strengthening as a business center the past several years. The total population in 2018 was 357,133, representing a more than 33% increase from 2000. Marion County’s unemployment rate as of March 2019 has also drastically improved, down to 3.9% from a high of 12.1% in 2009.

“Ocala is improving the diversity of their economy,” Campton added. “Industry sectors range from logistics and food manufacturing to aerospace manufacturing and the equine business. Given its central location in the state, it’s an excellent location for distribution and manufacturing facilities. That growth has been pronounced in recent quarters.”

Companies such as AutoZone, FedEx, and Lockheed Martin have all recently expanded their footprint in the Ocala market.

Colliers International Central Florida’s Joe Rossi, CCIM, Executive Managing Director of Investment Services; and T.J. Campton, Broker Associate of Investment Services, are representing the seller in the sale. Regions Center carries the local reputation of being the nicest Class A suburban office building in the area. It is located at 1700 Southeast 17th Street in Ocala.

 

About Colliers International Group Inc.

Colliers International (NASDAQ: CIGI) (TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. To learn more about how we accelerate success visit corporate.colliers.com, Twitter: @Colliers or LinkedIn.