Million-Dollar Land Deals Roll On

For example, a 3.5-acre Tampa site zoned for industrial and manufacturing use was sold for an estimated $1 million or $6.54 per sf. Charles Porter and James Kregg Porter of Clearwater bought the property at 6715 N. 53rd St. from Superior Essex Inc. of Atlanta. Superior declined to disclose the contract price but area brokers familiar with the submarket tell GlobeSt.com the dirt went for at least $6.50 per sf.

Dick Rossiter of the Staubach Co.'s Orlando office and Thomas C. Hiles of the company's Atlanta office negotiated for the seller. Shannon Riva of Keller Williams Realty in Brandon represented the buyers. Staubach will be relocating Superior Essex to a new facility in Tampa. Superior Essex is considered one of the largest wire and cable manufacturers in North America, according to the Staubach brokers.

In another million-dollar deal, Island Lake Development Inc. sold an 85-acre, residential-zoned tract in Osteen, near Daytona Beach, for $1.4 million or about $16,765 per acre. Mohamedtaki Jaffer Revocable Trust paid about 38 cents per sf for the property on the south side of Enterprise Osteen Road, just east of Courtland Boulevard.

In south Orlando, the area's hottest existing commercial development corridor, a .43-acre site was sold for $540,000 or $108 per sf. A full acre at the 7233 Lake Ellenor Dr. site would have sold for $1 million, based on the .43-acre price. MK Development Group LLC, a locally based construction management firm, bought the property to relocate its office and staff from Downtown, says Michael Caridi, the Colliers Arnold broker who negotiated for the buyer.

"Buyers are stepping up to the plate a little more quickly these days as they realize prices aren't coming down and that buying now may save them dollars at a later development date," Caridi tells GlobeSt.com. A 5,000-sf office building sits on the property which was sold by Stout Trust Fund I Inc.