Land Sales Heating Up

The largest of the small deals was in Cape Canaveral, FL where an 8.6-acre parcel on State Road A1A, south of the Bennett Causeway, went for $2.6 million or $298,246 per acre ($6.85 per sf). Marcus & Millichap brokered the sale.

"Many of these acquisitions are going to small business owners who have decided it's more prudent to construct their own build-to-suit structure rather than pay rent over a lengthy period," Dean Fritchen, a senior broker in the Winter Park, FL office of Coldwell Banker Commercial NRT tells GlobeSt.com.

In Sanford, FL, 25 miles north of Downtown Orlando, Bonner Consulting LLC of Sanford paid $375,000, or $66,489 per acre, for a 5.6-acre site on Riverview Avenue and State Road 46 in Sanford. Diana K. McFarlane, trustee, sold the land for $1.53 per sf. Frank Dever of Stirling International Realty brokered the transaction.

"The market is demand-driven right now," Michael Caridi, a senior broker in the Orlando office of Colliers Real Estate Services Co., tells GlobeSt.com. "There just aren't that many strategically located small parcels left to buy."

Still, Becknell Development LLC found an approximately 6.1-acre tract in Cypress Park East, Orlando, for $913,500 or $150,000 per acre. Cal-East Industrial Investors LLC sold the dirt for $3.44 per sf. David Murphy and Kevin Hoover of CB Richard Ellis Inc., Orlando, brokered the transaction.

And in DeBary, FL, about 20 miles northeast of Downtown Orlando, Nelson and Evelyn Figueroa purchased a 5.2-acre industrial site at Shell Road and Benson Junction in Volusia County. The buyers paid Paul and Myrice Lukes $1.95 per sf for the dirt. Michael Heidrich, senior vice president, NAI Realvest Partners and Melody Traeger, a broker with Coldwell Banker Commercial Property Showcase handled the deal.