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Home Depot Pays $17.73 per-SF for New Store Site

ORLANDO-Paradise Group of Safety Harbor, FL sold the 15.8-acre former Howard Johnson's hotel tract at the commercially hot intersection of Interstate 4 and Lee Road for $12.2 million, one of the highest tags in the submarket in recent years.

By Alex Finkelstein | Updated on March 26, 2002

ORLANDO-Paying for location and high visibility, Atlanta-based Home Depot Inc. has acquired a prime 15.8-acre site at the commercially hot intersection of Interstate 4 and Lee Road in northwest Orange County for $12.2 million or $772,152 per acre ($17.73 per sf), one of the highest land prices in that northwest Orange County submarket in recent years, area brokers tell GlobeSt.com.

Paradise Group of Safety Harbor, FL in Pinellas County sold the land to Home Depot which plans to build a 110,000-sf retail store and garden center on the site at the northwest corner of the intersection. Paradise has another 3.2 acres to sell in the same location.

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