West Orlando Land Goes for $464,286 per Acre

ORLANDO-Land prices continue to rise in the fast-developing west Orlando retail submarket as indicated by the $1.3-million sale of 2.8 acres on heavily trafficked State Road 50. Retail flooring owner Michael Carr paid auto dealer Don Womack $464,286 per acre or about $10.65 per sf for the parcel at 10885 West Colonial Dr. (State Road 50). Land in the same general area could have been purchased for about $5,000 per acre or 11 cents per sf 30 years ago, Orlando industrial brokers tell GlobeSt.com.

“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.