Marks has closed two one-acre deals in 30 days valued at slightly more than $1 million within Hunter's Creek. He has 30 additional acres under contract or with a signed letter of intent to purchase. "This market is presently red hot for commercial sites," Marks says. "With the addition of the town center concept, including a 16-screen theater, proposed by the Pelloni Development Corp. of Lake Mary, FL, it will be the entertainment destination for the surrounding area."
In the two closed land transactions, AmSouth Bank of Birmingham, AL acquired a one-acre site on John Young Parkway, just north of Town Center Boulevard and John Young Parkway, for $778,000, or $17.86 per sf.
Trevett Holdings LLC, a locally based investment group, paid $250,000, or $5.74 per sf, for a one-acre site on South Orange Blossom Trail and Cypress Crossing Drive. Trevett plans to break ground in 30 days on a medical office building.
Marks tells GlobeSt.com the $17.86-per-sf paid by AmSouth Bank has become the going price for prime locations on John Young Parkway, a major north-south artery. "This is a very hot market," Marks reiterates. "We presently have a couple of other sites on John Young Parkway under contract in a similar price range."
The broker adds, "This market has matured to become a desired location for retailers and service businesses to address the pent-up demand from the area's young affluent households."
The AmSouth Bank deal took about eight months to complete, from contract to closing, Marks tells GlobeSt.com. The Trevett Holdings transaction was done in three months.
Marks tells GlobeSt.com there were no special challenges or hurdles for the seller or buyers to overcome before closing their deals. "Both buyers are end-users looking to service this dynamic trade area," the broker says.
Wendy Krepak of Harbert Realty Services negotiated for the bank. Trevett Holdings was not represented by a broker. Marks negotiated for the land owner, Newland Communities, a La Jolla, CA-based communities developer with a local office.
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