Investors Double Money in Nine Months on Land Deal

ORLANDO-In a textbook exercise on how land deals should go down, prominent Orlando broker-developers Daryl M. Carter, James Heistand and Jeffrey Douglas bought a 90-acre property in Boynton Beach, FL last September from Motorola Corp. for $21.75 million or $241,667 per acre ($5.55 per sf) and sold off 29 acres last week for $12.2 million cash or $420,690 per acre ($9.66 per sf).

“Isn’t that the way deals are supposed to go?” Carter tells GlobeSt.com. He says the original deal “will look even better” after the entire asset is sold off in the near future. “We are not in any great hurry to dispose of this property in bulk, but I can tell you that we have had continued interest from buyers in the outparcels,” Carter says.

The buyer of the 29-acre tract was Compson Associates of Boynton LLC. The remaining property consists of 61 acres with a 566,000-sf manufacturing and office-warehouse complex.