The Andrew Shumway Group of Orlando paid Waterford Residential Land Joint Venture $1 million, or $5.34 per sf, for the commercially zoned tract. "The purchase price reflects a current price in the vicinity of the Waterford Lakes Town Center which has experienced steadily increasing prices over the past three years," Blaine Strickland, a partner at Realty Capital Advisors, tells GlobeSt.com.

Realty Capital brokers Elliott Jamison and Jim Spaeth worked with Strickland on the transaction. The Shumway Group was not represented by a broker. "We had done much business with Shumway in the past, including acting as his broker to lease the WLPP building, and brought the (4.3-acre) property to him," Strickland says. "But since we had the listing, we represented the seller in the transaction."

The broker says "the deal really started in the summer of 2002 when the owner of the property decided to cut the 4.3-acre site into six individual lots designed for small office and retail users." The subdivision plan was approved during 2003, "but we were unable to find the individual lot buyers" at that time, Strickland says.

That's when the owner "shifted strategy and sold the entire parcel to a master developer, the Shumway Group," Strickland says. The Shumway Group put the property under contract in the fall of 2003, intending to carrying on the original plan to sell individual lots.

The contract also allows the development of 14,000 sf of professional office space and 21,000 sf of commercial buildings in a predominantly residential area in the Waterford Lakes development of regional impact on Woodbury Road.

The deal was done at this time because "the Shumway contract was simple and straightforward," Strickland tells GlobeSt.com. "All of the due diligence was completed by the previous owner. As a result, the Shumway contract moved quickly and cleanly to closing."

The Shumway Group is headed by developer Andrew Shumway who moved to Orlando from South Florida two years ago and formed a private investor consortium. The group has been involved in other east Orlando projects including the development of a 10,000-sf building in Waterford Lakes Professional Park that is now fully leased.

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