The property is a portion of the Southchase Development of Regional Impact, a multi-million-dollar mixed-use project under construction for the last three years in south Orlando.
Daryl M. Carter, the buyer's trustee, tells GlobeSt.com the trust is banking the dirt for future sale or development by a third party.
In the first transaction, the trust paid $2.6 million cash or $29,126 per acre (67 cents per sf) for an 89.3-acre parcel. The dirt is bounded on the south by State Road 417 (Central Florida Greeneway); on the east by the Seaboard Systems Railroad line; and on the west by State Road 527 (Orange Avenue).
In the second purchase, the trust paid $4.8 million or $24,225 per acre (56 cents per sf) for a 198.1-acre parcel. That site is bounded on the north by State Road 417; on the south by Florida's Turnpike; on the east by the Seaboard Railroad Line; and on the west by State Road 527. Town Center Boulevard bisects the property.
Daryl M. Carter, president of Maury L. Carter & Associates Inc., and Patrick Chisholm, a Carter & Associates broker, represented the trust in both transactions. CB Richard Ellis Inc. negotiated for the seller in the first sale.
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