Carter attributes the premium price to the potentially lucrative retail development sector in the nearby area. The nine acres are on the east side of Narcoosee Road (County Road 15), just south of Carter's Publix-anchored Cornerstone at Lake Hart Shopping Center in south Orlando.
In the acquisition deal, Carter acted as trustee for the Carter-Highway 484 Land Trust. The trust paid $3.22 million, or about $8,962 per acre and 21 cents per sf, for a 342-acre tract and a separate 18-acre parcel in Marion County, about 90 miles northwest of Downtown Orlando. The trust bought the 342-acre tract from William and Steven Platt, and the 18-acre parcel from Ruth Willis and Jane Kelly.
The property is on the north side of County Road 484, three miles east of Interstate 75 and three miles west of Belleview. Brokers Preston Hage and Patrick Chisholm with Maury L. Carter & Associates negotiated for the trust. Dave McDaniel with Titan Realty Inc. and Brent Lemond with Triple Crown Realty represented the sellers.
"Good large developable commercial tracts are becoming harder and harder to find throughout Central Florida and especially in the metro Orlando market," Carter tells GlobeSt.com. "Still, there are parcels out there, but to find them you almost always have to scout further and further away from Orlando."
In other new land transactions, Semoran CommerCenter of Maitland bought an 18-acre commercial tract at Shadowridge Road and Hazeltine National Drive in southeast Orlando for $2.13 million. The buyer paid Quincy, MA-based Southern Gateway Corp. about $118,686 per acre or $2.72 per sf. Semoran CommerCenter is an NAI Realvest joint venture with Bavar Properties Group of Baltimore.
In neighboring Volusia County, Reliance Asset Management paid DeBary Development Corp. $363,000, or $174,519 per acre ($4.32 per sf), for a 2.08-acre parcel n the western part of the county. Also in that area, Jaime Medina of Pre-Engineered Buildings sold a one-acre site in Sanford to KLS Land Holdings for $188,000 or $4.32 per sf.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.