"If it has highway frontage and is a corner location, that price ($464,286 per acre) would be in line" with current market values in that area, Trevor W. Hall Jr., senior vice president in the Orlando office of Colliers Arnold, tells GlobeSt.com. "I've done deals (in that area) for twice that amount."
William C. Pellatt and James K. Densmore of Signature GMAC Real Estate negotiated the deal for Carr, who owns Floors Direct. Seth Richards of Micki Blackburn Realty represented Womack and his Womack Auto Sales business.
Carr plans to break ground in March on a 25,000-sf retail plaza on the site. "It's an excellent location with great traffic numbers and high visibility," Densmore tells GlobeSt.com.
The 2.8 acres are "next door to the corner motel property and have access off two arteries, Bluford and West Colonial," Pellatt tells GlobeSt.com.
The project is expected to be completed by December. Floors Direct will occupy 15,000 sf and lease out the remainder of the space. Amr Gawad of Windermere, FL-based Tru Engineering Co. is designing the plaza.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 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.
