Pizzuti Selling Jewel Downtown Parcel to Colonial Properties for Estimated $11M

ORLANDO-Colonial Properties Trust Inc. of Birmingham, AL has beaten out Jones Lang LaSalle of Chicago and Lincoln Property Co. of Dallas in heated, though phantom negotiations, with Columbus, OH developer Ronald A. Pizzuti to buy his trophy 5.64-acre pad in the center of Downtown.

After 16 years as a major Central Florida commercial real estate player, Pizzuti has sold his home in the affluent Isleworth community here and closed his Downtown office.

Ken Simback, Pizzuti Co.’s Southeast senior vice president in Orlando, is looking for a new job and the 12 office staffers are moving to Colonial’s property management division, area brokers following the newest Pizzuti scenario tell GlobeSt.com.