Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-Two million-dollar land deals have closed in the last 30 days as developers and property owners buy up strategically located properties for near-future projects, area brokers tell GlobeSt.com. Buyers speculate land prices will continue to escalate in all parts of Central Florida.

For example, a 3.5-acre Tampa site zoned for industrial and manufacturing use was sold for an estimated $1 million or $6.54 per sf. Charles Porter and James Kregg Porter of Clearwater bought the property at 6715 N. 53rd St. from Superior Essex Inc. of Atlanta. Superior declined to disclose the contract price but area brokers familiar with the submarket tell GlobeSt.com the dirt went for at least $6.50 per sf.

Dick Rossiter of the Staubach Co.’s Orlando office and Thomas C. Hiles of the company’s Atlanta office negotiated for the seller. Shannon Riva of Keller Williams Realty in Brandon represented the buyers. Staubach will be relocating Superior Essex to a new facility in Tampa. Superior Essex is considered one of the largest wire and cable manufacturers in North America, according to the Staubach brokers.

In another million-dollar deal, Island Lake Development Inc. sold an 85-acre, residential-zoned tract in Osteen, near Daytona Beach, for $1.4 million or about $16,765 per acre. Mohamedtaki Jaffer Revocable Trust paid about 38 cents per sf for the property on the south side of Enterprise Osteen Road, just east of Courtland Boulevard. <pThe land is zoned for 14 2.5-acre lots and eight five-acre lots. Locally based Realty Capital brokers M.W. Jeffrey Block, James A. Wilder and Darryl R. Dotherow negotiated for the seller. The trust represented itself.

In south Orlando, the area’s hottest existing commercial development corridor, a .43-acre site was sold for $540,000 or $108 per sf. A full acre at the 7233 Lake Ellenor Dr. site would have sold for $1 million, based on the .43-acre price. MK Development Group LLC, a locally based construction management firm, bought the property to relocate its office and staff from Downtown, says Michael Caridi, the Colliers Arnold broker who negotiated for the buyer.

“Buyers are stepping up to the plate a little more quickly these days as they realize prices aren’t coming down and that buying now may save them dollars at a later development date,” Caridi tells GlobeSt.com. A 5,000-sf office building sits on the property which was sold by Stout Trust Fund I Inc.

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
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.