Lincoln Property Company has successfully brokered the sale of the former Orlando Utilities Commission (OUC) headquarters in downtown Orlando. In a deal that officially closed Nov. 30, GDC Properties, LLC purchased the eight-story property for $2.8 million with plans to convert the 44-year-old building into a loft style hotel.
Lincoln Property Company, exclusively representing the seller (OUC), put the property under contract, assisted through due diligence and closed on the building within a three month timeframe. The property had been marketed for a number of years with Lincoln taking over the assignment about five months ago. Joe Rossi, senior vice president of investment services at Lincoln, handled the sale and was the only broker involved on either side in the negotiations.
“OUC is pleased to have a buyer who will preserve the exterior shell of the building and make a significant capital investment in the neighborhood,” said Mr. Rossi, “especially since this will provide an outstanding amenity for OUC’s new headquarters building next door.”