Hard-to-Sell Property Goes for Nearly $2M

It took the Carusos almost a year to seal the deal, from contract signing to closing, Austin Caruso tells GlobeSt.com. Stor-A-Way of suburban Sanford purchased the 3.8-acre property at 4020 Curry Ford Rd. from locally based Demetree Brothers for $60.77 per sf. The Carusos negotiated for Demetree. Greg Boyd of Stor-A-Way represented his firm.

In a separate industrial transaction that moved at a quicker pace, the Carusos closed an approximately $1.3-million deal in Fort Pierce on a 32,200-sf warehouse property at 401 Angle Rd. The 25-year-old property was on the market less than six weeks and closed in 75 days.

Hughes Inc. sold the structure to Adams Family Ranch of Fort Pierce for $39.60 per sf. The Carusos represented the seller; John Goodman of Hoyt C. Murphy in Fort Pierce negotiated for the buyer.

The Fort Pierce and Orlando deals were done at this time because the sellers "felt it was time to sell" their assets, Quentin Caruso tells GlobeSt.com. Stor-A-Way bought the Curry Ford Road property "to capitalize on the strong Downtown condo market and sales," Austin Caruso tells GlobeSt.com.

Fort Pierce in St. Lucie County, about 120 miles south of Downtown Orlando, "seems to be experiencing a tremendous amount of growth, being pushed northward from South Florida," Austin Caruso tells GlobeSt.com. The broker also notes "buyers for smaller user and multi-tenant buildings outweigh the sellers by a strong margin."

Austin Caruso, senior vice president at Realty Capital, has closed $91 million in transactions over the past two years. Quentin Caruso, a Realty Capital vice president, has handled $32 million in deals over the last seven years.

In unrelated leasing transactions, Realty Capital president Charles Frederick negotiated eight office and warehouse contracts totaling 27,384 sf at the 18-year-old, 111,000-sf McLeod Commerce Center at 4065-4085 L.B. McLeod Rd. in southwest Orlando. The new leases, ranging from three to five years, brought the property to 100% occupancy for the owner, RealtyFund 1 LLC.