Search
 

GlobeSt.Com EXCLUSIVE: Bank of America Outbids Rivals For Prime Parcel

CLERMONT, FL-In a tense three-month land-buying contest where the players didn't know their competition, the Atlanta-based institution's final offer of $1.34 million bested a $1.31 million offer for a prime 1.3-acre parcel in front of a Publix Supermarket at the East Town Center shopping center in one of Central Florida's hottest commercial development markets.

By Alex Finkelstein | Updated on August 13, 2003

CLERMONT, FL-Bank of America’s intense bidding for a prime 1.3-acre parcel near the city in one of Central Florida’s hottest commercial development hubs illustrates the emphasis national banks are placing on opening branches in fast-developing local markets, area brokers tell GlobeSt.com.

The most recent example was Bank of America’s purchase of an outparcel at the East Town Center shopping center, about 25 miles west of Downtown Orlando. The land was on the market only three months.

Regency Realty Group of Jacksonville and East Town Center were the sellers. Regency had selected Trevor Hall Jr., the senior industrial broker in the Orlando office of Colliers Arnold, to market the land because Hall had worked with Regency on previous deals. Amy Young of Trammell Crow Co. and T. Andrew Hawkins, senior vice president, Bank of America represented the bank.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.