OCP paid Overstreet Investment Co. $5 million or $726,744 per acre ($16.68 per sf) for the dirt on the southeast corner of Sand Lake Road (State Road 482) and Universal Boulevard in south Orlando.
Lockheed owns Orlando Central Park and needs the land to make sure it will have near-future development or sale options around the fast-developing Sand Lake Road-Universal Boulevard axis.
"The property was purchased for access in the future," J. Gary Castle, president of Castle Commercial Realty Inc., tells GlobeSt.com. "Because of the acreage's existing size, we needed to be further south of the intersection."
But OCP may also be planning for further expansion of the 4,000-acre park or Lockheed may be planning an expansion itself. "They are supposed to be redesigning Kirkman Road at Sand Lake Road for future Universal Orlando and Orange County Convention Center growth, and we wanted to keep all options open," Castle says.
He negotiated for the park. Daniel C. Sheldon, president of Daniel Sheldon Real Estate, represented the seller.
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