The Rogers Family Partnership of Georgia bought the building for $895,000 or $74.58 per sf, below replacement cost. Michael Caridi of Colliers Arnold Commercial Real Estate Services Inc., negotiated for the buyer. Jim Wilder of Realty Capital TCN, represented the seller.
"We did not experience any abnormalities during our due diligence or closing periods, but I'm sure the selling broker did not anticipate a final sale taking this long," Caridi tells GlobeSt.com. "Nor would I."
The property was on the market from 2000 to 2002; leased for one year; then put back on the market in the second quarter of 2003. There was only one bidder for the property. The lengthy marketing time for this property surprised Caridi because "both small office and smaller free-standing warehouses are much in demand these days," he tells GlobeSt.com. "I handled three transactions in Orlando Central Park alone in 2003 and have another larger property under contract."
The deal was done at this time because Caridi's client "wanted to own versus leasing and it was a good building in a well-positioned location," the broker says. Rogers Family Partnership, whose Orlando principals are resellers of computer supplies and hardware, plan to expand their existing business at the acquired building.
The Florida Municipal Power Agency vacated the building in 1998 and moved to newly constructed offices in the nearby Park South development.
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