UniVista Insurance purchased the Casselberry Corporate Center in Orlando for $11.2 million, or about $134 per square foot. The three-story, 83,520-square-foot office building was 47% leased at the time of sale.
The insurance company plans to occupy the available space as an owner-user in the property at 1211 State Road 436. The building sits on a 12.88-acre parcel and was renovated in 2022.
Allen Chelminsky sold the 1986-built property, which was listed in January 2024 with an asking price of $11.75 million. The transaction represents a significant value increase from January 2024, when the property last sold for $8 million, or about $96 per square foot.
The sale achieved an 8.04% capitalization rate based on in-place net operating income of approximately $945,000. UniVista secured an $8.37 million acquisition loan from City National Bank of Florida.
UniVista Insurance is a family-owned independent insurance agency that has been operating in Florida for over 10 years, recently expanding to California. The company now owns five properties totaling more than 706,000 square feet.
For the record
John DeMarco of RE/MAX 5 Star Realty represented the seller.