The South Florida firm is selling five-acre to 10-acre parcels at the 21-year-old, 1,800-acre mixed-use development next to Universal Orlando for $6 per sf to $10 per sf. SouthStar bought MetroWest last October from Debra Inc. of Saudi Arabia for $60 million or $115,384 per acre ($2.64 per sf).
In two new deals, SouthStar sold Atlanta-based Echelon Partners 6.8 acres for $2.2 million or $323,529 per acre ($7.43 per sf). Echelon plans to break ground by December on MetroWest Corners, a retail venture.
Hoffman Development of Tampa, FL, headed by Dexter Hoffman, paid SouthStar $1.95 million or $390,000 per acre ($8.95 per sf) for a five-acre tract planned for four restaurants whose ground-breaking is scheduled for June.
Mark Findura, president/partner of Orlando-based R.J. Twitty & Co. II Inc., a mortgage/real estate brokerage, participated in both transactions. Steve DeWitt of Maitland, FL-based Realvest Partners Inc. co-brokered the Hoffman deal, representing the buyer.
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