Driving along U.S. 441, about 30 miles northwest of DowntownOrlando, Grindle and his son-in-law, Albert M. Chiodi, thewell-known president of Chiodi Commercial Realty in Apopka, spotteda vacant, eight-acre tract with at least 200 feet of highwayfrontage in Eustis, Fl.
Within 45 days, the Grindle-Chiodi team had made an offer to thelandowner, Bank of America; did their due diligence on theproperty; and closed the deal for $800,000.
The price equates to $100,000 per acre or $2.35 psf. The bankwas asking $1.2 million or $150,000 per acre ($3.44 psf) threeyears ago when the asset was first placed on the selling block.
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