Bank Unloads 30,000 SF of Unfinished Offices for $40 Per SF

ORLANDO-Stanford Management Group of Sarasota has walked into a potentially lucrative two-building office acquisition and Regions Bank walked out of the deal, satisfied that it had unloaded two foreclosed-on properties.

For $1.2 million or $40 per sf–four times less than the current hard construction cost of a class A office building–Stanford Management acquired the partially completed two-story structures sitting on 4.8 acres at 5442 Hoffner Ave. near Orlando International Airport.

Land-wise, however, the bank did all right, too, area brokers familiar with the transaction, tell GlobeSt.com. The $1.2-million purchase price, based on acreage alone, equates to $250,000 per acre or $5.74 per sf–a premium for a strategically located property.