ORLANDO-It has taken Lockheed-Martin Corp. 41 years to reach the almost sold-out level at its 4,200-acre, 20-million-sf Orlando Central Park complex, one of the Southeast’s largest and oldest business parks. OCP is celebrating its 41st year in business this year. About 90 prime acres remain on the for-sale shelf.

“Actually, Orlando Central Park was never developed with a specific time-frame in mind and there never was a sales marketing plan that set specific time constraints on selling out the project,” J. Gary Castle, president, Castle Commercial Realty Inc., Orlando and the broker of record for OCP Inc., tells GlobeSt.com.

Castle says “the original vision was to develop a first-class, master-planned office industrial park that Central Florida could be proud of and Orlando Central Park has not disappointed.” The park is home to about 425 national and international companies employing more than 30,000 people.

The Orlando Central Park office, distribution and warehouse community comprises SouthPark, a 15-year-old, 1,000-acre spread which has 85 acres left to sell; Orlando Central Park South, a 20-year-old, 294-acre environment; and Orlando Central Park, the 2,906-acre component of the 4,200-acre campus. Orlando Central Park South sold out last year. Orlando Central Park itself “has a couple of small parcels left, totaling about four acres,” Castle estimates.

The unsold land represents both office and mixed-use product. The price for office land ranges from $5.65 per sf to $6.50 per sf. The cost for mixed-use commercial dirt runs from $10.50 per sf to $20 per sf.

“The cost for commercial property without frontage is priced according to proposed land use,” Castle tells GlobeSt.com. “It’s important to point out that Orlando Central Park Inc., the developer of all three parks, is not in the lot-sale business. We try to design each site as needed whenever possible, and price it according to land use.”

Land prices have understandably risen over the past 40 years. But Castle says “the approach used to price land 40 years ago is basically the same one we use today. Normally, there always has been an attempt to try and generally design a site to a buyer’s requirements, with the price based on the property’s end usage.”

For example, Castle tells GlobeSt.com, “land suited for warehouse/distribution may have started at $35,000 per acre and today may be as much as $125,000 per acre.” The broker says, “What’s important to note is that OCP has consistently led the market in value on each land sale because we delivered a site entitled to use, generally along existing streets, with off-site storm water facilities and deed restrictions that set standards of development above the competition.”

Jeff Troan, president of Orlando Central Park Inc., estimates about 20 million sf office, retail, warehouse and distribution space had been built at the three parks to date. “Yes, we’re gradually winding down after 40-plus years but we’re not sold out by any stretch of the imagination,” Troan says.

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?


NOT FOR REPRINT

© 2024 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

 

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 © 2024 ALM Global, LLC. All Rights Reserved.