ORLANDO-In the second largest land deal of the year in metro Orlando, Park Lake Presbyterian Church Inc. has acquired a prime 1.9-acre Downtown parcel housing the 50-year-old, 75-room Knights Inn Motel and restaurant for $2 million or $1.05 million per acre ($24.17 per sf).

The per-acre price almost equals the $1.08-million tag on another 1.9-acre Downtown tract sold last month by North Orange Avenue Properties Inc., a subsidiary of Orlando Sentinel Communications Inc., to apartment developer Jay Royall of suburban Longwood, FL. As GlobeSt.com previously reported, Royall’s Sun Terra LLC paid $2.05 million ($24.77 per sf) for the property.

The 77-year-old Park Lake church, overlooking Park Lake, bought the hotel property and land from locally based Muniraj Enterprises which will continue to operate the eight-building, 75-room motel and 60-seat restaurant for at least two years. At that time, the church’s land use and redevelopment plans are expected to be completed, Dr. Dan DeBevoise, Park Lake’s minister, tells GlobeSt.com.

“This acquisition gives us room to grow and expand our ministries in ways that can make a positive impact on the community and our church future,” he says.

The church plans to use the motel structures and land for future building expansion and additional parking. The property fronts three key Downtown arteries–Colonial Drive (State Road 50), Highland Avenue and Irma Street.

Corbin Sarchet of GT Commercial Inc. negotiated for the church. Muniraj represented itself.

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?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper



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 © 2023 ALM Global, LLC. All Rights Reserved.