Small Land Sales Market Heating Up

For example, locally based Blue Seas Associates paid Marbella LLC an estimated $11 million, or $407,487 per acre ($9.35 per sf), for a prime 27-acre parcel in the Marbella development on the west side of Interstate 4 in south Orange County. Blue Seas plans to develop a 334,000-sf shopping center on the site.

The property abuts both sides of the planned overpass that will connect Palm Parkway and International Drive, according to Colliers Arnold brokers Susan Morris, Kane Morris-Webster and Jill Rose who negotiated for the seller.

"Two of the 27 acres were put into escrow for the new overpass, so the net usable acres are 25," Morris-Webster tells GlobeSt.com.

"The dwindling amount of vacant land has caused spiraling land costs," notes Bobby Palta, executive director of market analytics and geographic information systems at Colliers Arnold. Adds Dean Fritchen, a senior broker in the Winter Park office of Coldwell Banker Commercial NRT: "The problem is the Good Lord isn't making any more land these days."

Fritchen handled a $600,000 sale of 3.4 acres on US 192 in Kissimmee. Global Associates International Group Inc. sold the site to King Motor Co. of Kissimmee LLC for $175,953 per acre or about $4.04 per sf.

In DeBary, Volusia County, about 30 miles north of Downtown Orlando, Paul and Myrice Lukas of Apopka paid $1.9 million, or $79,583 per acre, for a 28-acre industrial-zoned tract in the Springview Commerce Center at US 17-92 and Spring Vista Drive. DeBary One One Seven Inc. of Maitland sold the dirt for $1.83 per sf.

The buyers plan to develop a commercial venture on the site. Michael Heidrich, senior vice president, NAI Realvest Partners Inc., Maitland negotiated for the seller. "We are seeing a definite increase in small land sales this year compared to prior years," Heidrich tells GlobeSt.com.

In Orlando's northwest industrial submarket, LBRA Legacy Foundation Inc. bought a nearly 2-acre site at 4217 N. Orange Blossom Trail for $430,000 or $220,513 per acre. Fairview Investments Inc. sold the dirt for $5.06 per sf. Steve Porter of Coldwell Banker Commercial NRT handled the transaction.

And at the south end of Orange Blossom Trail (US 441), Javed Ashad of Orlando paid $325,000, or $203,125 per acre, for 1.6 acres and a 1,500-sf structure at 1295 S. Orange Blossom Trail. Playhouse LLC of Fort Lauderdale sold the parcel for about $4.66 per sf. Paul G. Straubinger of NAI Realvest Partners Inc. negotiated for the seller.