Ram Development Co. of Palm Beach Gardens, FL paid Dallas-based 800 SOBT Corp. $7.5 million or $326,087 per acre ($7.49 per sf) for the 23-acre, former DaimlerChrysler AG parts distribution center site, located adjacent to the 2.5-million-sf Florida Mall, the state's largest shopping center.
Dale Peterson, senior vice president, Trammell Crow Co., teamed with John McRae, senior vice president and John M. Crossman, senior vice president and director of retail investment sales, to close the deal. Peterson calls the Chrysler site at the southwest corner of Sand Lake Road and Orange Blossom Trail in south Orlando "one of Central Florida's most high-profile locations."
Peterson tells GlobeSt.com he decided to use a team concept instead of a single-broker approach in marketing the property "to understand the issues and opportunities from multiple viewpoints" and "to counsel our client on how to truly optimize their competitive position." Crow represented the seller.
The 30-year-old, 175,000-sf Chrysler distribution center has been vacant since Chrysler relocated to a 440,000-sf facility in Airport International Park of Orlando in December 2001. Ram plans to demolish the building and develop new retail space on the site.
The largest industrial investment deal closed in February with the $13.8 million sale ($52.86 per sf) of the 261,091-sf Presidents Distribution center at 6855 Presidents Drive in Orlando Central Park.
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