Orlando-based Central Florida Blood Bank expects to close the$12.5 million deal with Chicago-based RREEF Funds in October. Thecontract calls for the blood bank to pay an aggregate $115.74 persf for both properties.

Area construction industry estimators familiar with the propertytell GlobeSt.com on condition of anonymity the 10-year-old,90%-vacant office building on John Young Parkway and Sand Lake Roadin south Orlando was erected in 1992 at an estimated hardconstruction cost of $10.8 million or about $100 per sf. Thewarehouse was built at an estimated cost of $3.2 million or about$40 per sf.

Replacement costs today for the four-story, class A officebuilding would be about $16.2 million or $150 per sf. Thewarehouse, housing Planet's movie memorabilia, could be erectedtoday at about $4 million or $50 per sf.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.