Swiss Banker to Buy International Corporate Park for $32M

ORLANDO-International Corporate Park, a 2,408-acre dormant business complex that has had at least three owners in its 17-year existence, will have another. Beat Kahli, a Swiss investment banker, has contracted to pay Price Legacy Corp. of San Diego $32 million or $13,289 per acre (31 cents per sf), almost double the $17.9 million price ($6,172 per acre; 14 cents per sf) that Price Legacy and associates paid ICP Associates in March 2001. The closing is expected within 60 days.

Kahli, majority owner of Avalon Park Associates LP, has a major development presence in Orlando through his seven-year-old, 1,860-acre Avalon Park mixed-use community, 15 miles north of ICP.Kahli’s latest investment, International Corporate Park, is slated to comprise an estimated 3,000 multifamily and single-family units, seven million sf of industrial, light manufacturing and retail–a reduction from the 20 million sf of commercial the park was initially approved for in 1986 when it was owned by Swiss Bank Corp. The preliminary master plans estimates a June date of completion.

Various developers have envisioned a Silicon Valley-like, high-tech ambience for the park, a vision that was once sparked by Lockheed Martin Corp. which purchased 200 acres in 1987 and still owns the undeveloped tract.