OCP paid Overstreet Investment Co. $5 million or $726,744 per acre ($16.68 per sf) for the dirt on the southeast corner of Sand Lake Road (State Road 482) and Universal Boulevard in south Orlando.
Lockheed owns Orlando Central Park and needs the land to make sure it will have near-future development or sale options around the fast-developing Sand Lake Road-Universal Boulevard axis.
"The property was purchased for access in the future," J. Gary Castle, president of Castle Commercial Realty Inc., tells GlobeSt.com. "Because of the acreage's existing size, we needed to be further south of the intersection."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
