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Land Sales Humming Again

ORLANDO-Owners are beginning to take a more realistic view of their holdings but few prices are in the bargain-basement category, area industrial brokers tell GlobeSt.com. Consolidated-Tomoka Land Co., one of Florida's largest landowners, completes two deals for $35 million.

By Alex Finkelstein | Updated on February 11, 2004

ORLANDO-Land deals are back in vogue in Central Florida as owners begin to take a more realistic view of their holdings, but few prices are in the bargain-basement category, area industrial brokers tell GlobeSt.com.

“It’s always hard to generalize on this market but I would say sellers and buyers are in a neutral stage,” Trevor W. Hall Jr., senior vice president, industrial investment sales, Colliers Arnold, Orlando, tells GlobeSt.com. “It’s a nice trading range with good market equilibrium and plenty of lenders.”

That’s apparently the way Consolidated-Tomoka Land Co. also assesses the market. The Daytona Beach, FL-based conglomerate has done two deals valued at $35 million in the past 30 days. The company sold 120 acres for $19.5 million, or $162,500 per acre, to Florida Hospital-Ormond. The Volusia County site fronts Interstate 95 and Williamson Boulevard.

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