2572 W State Road 426, Oviedo, FL 32765
Seminole County PCN: 29-21-31-510-0C00-0000
Rupali Ramsammy
Magnolia Enterprise LLC
Brad Kuskin
Founding Principal — GoCommercial Group at Compass
May 2026 | Confidential
GoCommercial Group at Compass has been engaged to evaluate the leasing position and develop a comprehensive go-to-market strategy for Magnolia Corporate Center, a 70,044 SF, 3-story Class B office condominium located at 2572 W State Road 426 in Oviedo, Florida. The property is owned by Magnolia Enterprise LLC and is currently managed and listed by Ratcliff Properties.
The building currently has four vacant suites totaling 6,043 SF (8.6% vacancy) with asking rents ranging from $16.00 to $19.00/SF Modified Gross. This analysis reveals a fundamental disconnect: the Oviedo/Casselberry submarket is running at just 6.6% vacancy with minimal new construction, yet these suites are taking 11 to 17 months to lease — more than double the submarket median of 6.7 months. The root cause is not pricing; these suites are already priced 30–41% below the submarket average of $27.15/SF. The root cause is a marketing and exposure failure.
GoCommercial’s strategy centers on six pillars: (1) strategic rent repositioning to the $19–$22/MG range, (2) repositioning as a medical and professional office destination, (3) an aggressive digital and social media campaign, (4) deployment of digital lockboxes for frictionless showings, (5) a differentiated lease-to-own program, and (6) proactive broker incentivization through a 4% co-broke commission — double the Orlando market standard.
Building size
70,044 SF
3-story Class B office condo
Year built
2008
Masonry construction
Lot size
4.91 AC
213,880 SF · FAR 0.33
Parking
240 spaces
4.00 / 1,000 SF · Surface
Current vacancy
8.6%
6,043 SF across 4 suites
Current asking range
$16–19/MG
Avg $17.77/SF/YR
Oviedo/Casselberry avg
$27.15/MG
Submarket 2-4 Star office
Rent discount vs. market
-35%
$17.77 vs. $27.15 submarket
| Suite | Floor | SF | Current Ask | Status | Market Gap |
|---|---|---|---|---|---|
| 1072 | 1st (P) | 1,189 | $16.00/MG | Vacant | 41% below submarket |
| 1024 | 1st (P) | 1,009 | $19.00/MG | Vacant | 30% below submarket |
| 2040 | 2nd (P) | 1,265 | $18.00/MG | Vacant | 34% below submarket |
| 3024 | 3rd (P) | 2,580 | $18.00/MG | Vacant | 34% below submarket |
| Total | 6,043 | $17.77 avg |
The following analysis identifies the root causes behind the extended vacancy at Magnolia Corporate Center. Despite being priced 30–41% below the Oviedo/Casselberry submarket average, these suites are taking 1.6x to 2.5x longer than the submarket norm to fill. The problem is systemic and correctable.
1. Marketing and exposure failure — not a pricing problem
At $16–19/MG, these suites are priced 30–41% below the Oviedo/Casselberry submarket average of $27.15/SF. The submarket vacancy is only 6.6%. Yet the subject’s vacancy has ballooned from 6.0% in 2023 to 8.6% today, with CoStar forecasting 13.1% by year-end 2026. The current leasing agent, Ratcliff Properties, operates without institutional-grade marketing infrastructure or digital presence. There is no evidence of proactive outreach, social media campaigns, professional media production, or broker incentive programs.
2. Excessive time-on-market vs. submarket benchmarks
Recent leases at Magnolia took 11–17 months (Suite 2016 at 11 months, Suite 2000 at 17 months). The Oviedo/Casselberry submarket median is 6.7 months. The only recent quick lease was the Zunimed medical deal (4 months) achieved at $23.65/MG starting — the highest rent in the building. Speed correlates with proper positioning, not lower pricing.
3. Inconsistent and confusing pricing signals
Suite 1072 (1st floor, 1,189 SF) is listed at $16.00/MG while Suite 1024 (1st floor, 1,009 SF) is at $19.00/MG — a $3.00/SF spread for comparable spaces on the same floor. The Zunimed lease on the 3rd floor closed at $23.65/MG — 48% higher than the Suite 1072 asking rent one floor below.
4. Minimal amenities and no visible tenant improvement commitment
CoStar lists exactly one building amenity: “Air Conditioning.” No advertised TI allowance creates an immediate perception of interior neglect. Prospective tenants assume buildout costs will fall entirely on them, dramatically increasing effective occupancy cost in their minds.
5. No digital presence or frictionless access strategy
No virtual tours, professional photography, drone footage, or social media campaigns exist. Prospective tenants must schedule showings through Ratcliff Properties — potentially waiting days. Competing properties offer immediate digital walkthroughs and same-day access.
6. Strong healthcare tenant base — underexploited advantage
Approximately 60% of occupied space is healthcare: OB/GYN Care Orlando, Florida Cancer Specialists, Arnold Palmer Hospital for Children, HearUSA, Top Flight Psychiatry, Zunimed, Gastroenterology Services, and others. The custom drive-through portico was designed for patient drop-off. Yet this positioning is entirely absent from marketing.
| Suite | Current Ask | Recommended Range | Rationale |
|---|---|---|---|
| 1072 (1st, 1,189 SF) | $16.00/MG | $19.00–20.00/MG | Align with local comps ($19.20–$19.75); still 26–30% below submarket |
| 1024 (1st, 1,009 SF) | $19.00/MG | $19.00–20.00/MG | Hold or slight increase; must be consistent with 1072 |
| 2040 (2nd, 1,265 SF) | $18.00/MG | $19.50–21.00/MG | 2nd floor premium; Zunimed achieved $23.65 on 3rd floor |
| 3024 (3rd, 2,580 SF) | $18.00/MG | $20.00–22.00/MG | Largest block; Zunimed precedent on same floor |
The current pricing is self-defeating. At $16–18/MG, the rents signal distress. The Zunimed lease proves the building can command $23+ for medical tenants. A strategic increase to the $19–22 range still undercuts every peer comp while projecting market credibility. Paired with advertised TI allowances and aggressive co-broke, the slightly higher face rent will actually accelerate leasing.
| Inventory | 2.1M SF |
| Vacancy rate | 6.6% (Tight) |
| 5-yr avg vacancy | 6.9% |
| Avg asking rent | ~$27.00/SF |
| YOY rent growth | +2.5% |
| Under construction | 3,200 SF |
| 12-mo leased SF | 59,685 SF |
| Median months on mkt | 6.7 |
| Renewal rate (2026) | 46.0% |
| Est. market pricing | $178/SF |
| Inventory | 105M SF |
| Vacancy rate | 9.6% |
| National avg vacancy | 14.0% |
| Avg asking rent | ~$32.00/SF |
| YOY rent growth | +2.2% |
| 12-mo net absorption | 560,000 SF |
| Under construction | 320,000 SF |
| 12-mo sales volume | $763M |
| Avg sale price/SF | $206/SF |
| Typical TI allowance | $4–6/SF/yr |
The Oviedo/Casselberry submarket is one of Orlando’s tightest office markets at 6.6% vacancy — well below the metro’s 9.6% and dramatically below the national 14.0%. Minimal new construction (only 3,200 SF underway) means no supply-side pressure. The submarket’s fundamentals strongly favor a well-marketed, fairly priced Class B medical and professional office product.
| Property | SF | Vacancy | Asking Rent | Built | Class |
|---|---|---|---|---|---|
| Tuskawilla Office Park | 16,800 | 7.1% | $33.27 | 1982 | — |
| Bldg 100, 1410 W Broadway | 10,560 | 19.0% | $31.93 | 1992 | — |
| 1410 Broadway Bldg 200 | 10,560 | 23.9% | $29.78 | 1999 | — |
| 2100 Alafaya Trl | 15,600 | 0% | $24.52 | 2000 | — |
| Vistawilla Office Center | 48,372 | 12.8% | $18.44 | 2007 | B |
| 257 Plaza Dr | 4,172 | 15.0% | $21.12 | 1990 | C |
| Subject — Magnolia Corporate Ctr | 70,044 | 8.6% | $17.77 | 2008 | B |
The subject is the newest building in its peer set (2008) and the largest by a wide margin, yet carries the lowest asking rent. Every peer with available rent data — including buildings 20–40 years older — asks significantly more.
| Property | SF | Date | Rent | Type | Mths Mkt |
|---|---|---|---|---|---|
| 113 W Chapman Rd | 3,389 | May 2026 | $19.47/MG | Asking | 6 |
| University Court, 3361 Rouse | 2,096 | Feb 2026 | $19.75/MG | Starting | — |
| Sternon Plaza | 905 | Feb 2026 | $17.90/MG | Starting | 26 |
| Subject — Suite 2000 | 1,289 | Jan 2026 | $18.00/MG | Asking | 17 |
| Univ Center @ Quadrangle | 4,755 | Dec 2025 | $28.50/MG | Asking | 3 |
| 220 Alafaya Woods Blvd | 1,200 | Sep 2025 | $20.00/NNN | Starting | 7 |
| 100 Burnsed Pl | 1,250 | Aug 2025 | $25.00/N | Starting | 5 |
| Subject — Suite 2016 | 1,189 | Jul 2025 | $18.00/MG | Asking | 11 |
| Seneca Bend Exec Ctr | 1,000 | Jun 2025 | $19.20 | Asking | 3 |
| Subject — Suite 3048 (Medical) | 1,363 | May 2025 | $23.65/MG | Starting | 4 |
The Zunimed medical lease is the standout: $23.65/MG starting — a 4% premium over asking — executed in just 4 months. Medical tenants will pay meaningfully more and move faster when the healthcare ecosystem is the draw.
Total tenants
24
Diversified across 3 floors
Healthcare tenants
~60%
Strong medical ecosystem
Nearest major expiration
Apr 2027
OB/GYN Care Orlando — 3,332 SF
| Tenant | SF | Floor | Exp Date | Industry |
|---|---|---|---|---|
| OB/GYN Care Orlando | 3,332 | 1st | Apr 2027 | Healthcare |
| Land Investment Services | 3,000 | 2nd | — | Professional Svcs |
| FL Cancer Specialists | 2,000 | 3rd | — | Healthcare |
| HearUSA | 2,000 | — | — | Healthcare |
| Tran Systems | 1,950 | 1st | May 2029 | Med Transport |
| Arnold Palmer Hospital | 1,656 | 1st | — | Healthcare |
| Zunimed Family & Wellness | 1,363 | 3rd | May 2028 | Healthcare |
Critical risk: OB/GYN Care Orlando — 3,332 SF expiring April 2027
The building’s single largest tenant. If lost, vacancy jumps to ~13.4%. The Oviedo/Casselberry renewal rate has dropped to 46.0% in 2026 — well below the metro average of 68.2%. Proactive renewal engagement must begin immediately.
GoCommercial Group at Compass proposes a comprehensive, six-phase leasing strategy designed to reposition Magnolia Corporate Center, accelerate lease-up velocity, and maximize rental income for Magnolia Enterprise LLC. Commission structure: 8% total (4% GoCommercial / 4% co-broke).
Dedicated Project Management
GoCommercial assigns a dedicated project manager to oversee every aspect of the leasing strategy — from initial marketing deployment and media production through tenant screening, lease negotiation, and full lease execution. Ms. Ramsammy will have a single point of contact with complete visibility into pipeline activity, showing metrics, and deal progress at every stage.
Professional Photography & Cinema-Quality Video
Full reshoot of all available suites, common areas, drive-through portico, building exterior, and parking. Narrative-driven video profiling the building as a medical and professional office destination.
Aerial Drone Footage & Location Mapping
Comprehensive aerial coverage of the 4.91-acre site, SR 426 frontage, and surrounding Oviedo commercial area. Annotated location maps showing proximity to major hospitals, residential population centers, and transportation arteries.
Matterport 3D Virtual Tours
Interactive 3D walkthrough of each vacant suite — enabling out-of-town medical groups and small businesses to evaluate space remotely before committing to an in-person visit.
Professional Leasing Package
Data-rich offering memorandum with full Oviedo/Casselberry submarket analytics, floor plans, tenant roster, parking analysis, and medical-use positioning.
Digital Lockbox Deployment on All Vacant Suites
Install electronic lockboxes on all four vacant suites, enabling immediate, self-guided showings 7 days a week. Every showing tracked and reported to GoCommercial’s project manager in real time. The single biggest velocity killer for small-suite leasing is showing friction — eliminating it converts more inquiries into tours, and more tours into signed leases.
Hyper-Local Social Media Targeting
Paid campaigns on Facebook, Instagram, and LinkedIn geo-targeted to Oviedo, Winter Springs, Casselberry, Winter Park, and the UCF corridor. Separate ad sets targeting medical professionals, small business owners, and professional services firms. Retargeting pixels on all landing pages.
Google Ads & SEO Campaign
Targeted ads for “medical office space Oviedo,” “office for lease Casselberry,” and similar terms. Dedicated landing page with virtual tours, floor plans, TI information, and inquiry forms.
LinkedIn Professional Outreach
Direct outreach to healthcare practice managers, medical group administrators, and small business owners in the Orlando MSA.
CoStar / LoopNet / Crexi Optimization
Complete listing refresh on all major CRE platforms with professional media and medical-office-specific keywords.
Medical Group & Healthcare Provider Targeting
Direct outreach to medical practices, specialty clinics, behavioral health providers, and ancillary healthcare services. Lead with the existing referral ecosystem: OB/GYN, oncology, gastroenterology, psychiatry, pediatrics, audiology, and wellness — all under one roof.
Professional Services & Small Business Outreach
Secondary targeting of law firms, accounting practices, financial advisors, and small businesses that benefit from healthcare adjacency.
4% Co-Broke — Aggressive Broker Incentivization
2x the standard Orlando market co-broke. Proactively marketed via email blasts, broker open houses with catering at the property, and direct phone outreach to every top tenant rep in the Orlando MSA.
Marketed TI Allowances
Proactively advertise $4–6/SF per year of lease term across all marketing materials and broker communications. Immediately neutralizes concern about buildout costs and signals ownership investment.
Lease-to-Own Option — A Market Differentiator
Tenants sign a 3–5 year lease at market rates, with a purchase option at an above-market price and partial rent credits toward the purchase. No competitor in Oviedo/Casselberry offers this. For medical tenants investing heavily in buildout, ownership is a powerful draw.
Standard Concession Framework
1 month free rent per year of term for 3+ year commitments. Annual escalations at 2.5–3%.
OB/GYN Care Orlando Renewal — Urgent Priority
3,332 SF expiring April 2027. Begin proactive renewal discussions immediately with rent escalation caps, TI refresh allowance, and extension incentives. Retention is the single highest-ROI activity.
Medium-Term Retention Pipeline
Tran Systems (1,950 SF, exp. May 2029) and Zunimed (1,363 SF, exp. May 2028). Early engagement 12+ months prior to expiration.
Total Commission
8%
Of gross lease value
GoCommercial (listing)
4%
Full-service + project mgr
Co-broke (tenant agent)
4%
2x standard market rate
The 4% co-broke — double the Orlando market standard — is the single most effective tool for accelerating broker-driven traffic. GoCommercial’s dedicated project manager conducts direct outreach to Orlando’s top tenant representation firms to ensure every broker with a qualifying client knows about Magnolia’s availability, TI program, and co-broke incentive.
1. Reprice all four suites to $19.00–$22.00/MG
Eliminate the $16.00 asking price that signals distress. Standardize by floor with rational premiums. Still undercuts every peer comp.
2. Reposition as a medical & professional office destination
60% healthcare tenants. Drive-through portico. 240 parking spaces. Market as “Magnolia Medical & Professional Center.”
3. Launch aggressive digital & social media campaign
Hyper-local paid campaigns targeting medical professionals and small business owners. New photography, video, drone footage, and Matterport 3D tours.
4. Deploy digital lockboxes for frictionless showings
Immediate, self-guided tours 7 days a week. Every showing tracked and reported.
5. Market TI allowances and lease-to-own option
$4–6/SF per year of term. Lease-to-own with above-market purchase price and rent credits — a differentiator no competitor offers.
6. Amplify 4% co-broke through direct broker outreach
Email campaigns, broker events at the property, and direct phone outreach to every tenant rep in the Orlando MSA.
7. Prioritize OB/GYN Care Orlando renewal — immediate
3,332 SF expiring April 2027. Losing this anchor pushes vacancy above 13%.
8. Target 6-month lease-up of all 4 suites
Oviedo/Casselberry fundamentals (6.6% vacancy, minimal construction) support a 6-month timeline with proper execution.