GlobeSt.com UPDATE: Land Sales Hum Along in Central Florida

"Everybody is doing his homework and then making an armchair guess at where the next [commercial] hot spot will be," Daryl M. Carter, president, locally based Maury L. Carter & Associates Inc., tells GlobeSt.com.

"There are so many variables in deciding on a land purchase anywhere, it still comes down to a calculated risk on which area will develop faster than another," Michael Caridi, a senior broker in the local office of Colliers Arnold Real Estate Co.

Adds Dean Fritchen, a senior associate in the Winter Park office of Coldwell Banker Commercial NRT, "It's the old story--there's only so much of the product [land] out there so you better stake your claim early on any site you think is going to catch fire."

Michael Collard Properties is banking on the east Orange County submarket to continue its hot development run by buying a nine-acre site at Goldenrod Road and University Boulevard from Helene Peterman for $1.5 million or $166,666 per acre ($3.83 per sf). Collard plans to develop the site for a new Target store location.

In Brevard County, about 60 miles southeast of Downtown Orlando, RT Orlando Franchise LP paid Lowe's Home Centers Inc. $600,000, or $13.74 per sf, for a one-acre parcel at 3780 Fiske Blvd. in Rockledge. Paul Hoffman of Coldwell Banker Commercial NRT and Jack Maher of Malley Commercial Realty brokered the transaction.

Also paying a premier per-sf price was Peter Madison of Orlando who bought a two-thirds acre site at 9459 S. Orange Ave., in suburban Taft, from Connie Brock of Kissimmee for $250,000 or about $375,000 per acre ($8.60 per sf). Paul G. Straubinger of NAI Realvest Partners negotiated for the seller.

Legacy Village Office Park LLC of suburban Casselberry is also making a calculated guess that the Longwood-Lake Mary submarket will continue to be attractive to investors and tenants. The company paid Legacy Investments LLC almost $1.9 million, or $531,429 per acre ($12.20 per sf), for a 3.5-acre parcel on Lake Mary Boulevard west of Longwood-Lake Mary Road. Steve Neveleff of NAI Realvest Partners negotiated for the seller.