For $1.2 million or $40 per sf--four times less than the currenthard construction cost of a class A office building--StanfordManagement acquired the partially completed two-story structuressitting on 4.8 acres at 5442 Hoffner Ave. near OrlandoInternational Airport.
Land-wise, however, the bank did all right, too, area brokersfamiliar with the transaction, tell GlobeSt.com. The $1.2-millionpurchase price, based on acreage alone, equates to $250,000 peracre or $5.74 per sf--a premium for a strategically locatedproperty.
"To use an over-worked cliché, buyer and seller were in awin-win situation here," Dean Fritchen, a senior broker in theWinter Park office of Coldwell Banker Commercial NRT, tellsGlobeSt.com. Fritchen was not associated with the deal but MaryFrances West, a senior broker in the Orlando office of Carter,was.
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