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.

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