X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-Reclusive British-born billionaire Joseph C. Lewis has done it again. The Orlando investor and his international associates, Tavistock Allan, are sitting on the last big block of immediately developable Downtown dirt. They paid Saudi Arabian-owned Jaymont USA Inc. $7.6 million or $3.32 million per acre ($76.18 per sf) for the largely-vacant 2.29-acre mix of office and retail structures on north Orange Avenue.

GlobeSt.com reported the transaction Dec. 4 before the deal was recorded at Orange County real estate offices. Brokers familiar with the transaction had estimated the deal would be done for about $100 per sf or a total $10 million. The recorded $76.18 per-sf price is in line with recent dirt sales in the central business district. The buyers are considering various projects for the site, about the size of 1 ¼ football fields.

The property housed the F.W. Woolworth and McCrory department stores from the 1950s through the 1980s, then hosted a mix of retail ventures as shoppers flocked to the newly-opened department sites in the suburbs. City planners for years have bemoaned the loss of a major department store in the central business district.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

 

GlobeSt. NET LEASE Fall 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.