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Former Wheel Ranch Trades for $4M

ORLANDO-As the seller organizes his portfolio, a locally based private investment group buys the 29,442-sf property for $4.2 million, just shy of the $4.25-million asking price.

By Melissa Kress | Updated on May 18, 2006

ORLANDO-Local businessman and former state legislator Arthur Grindle has sold the 29,442-sf Central Park Plaza to a locally based private investment group for $4.2 million. The 100%-leased property is at 1701 W. Oakridge Rd.

The plaza was one of Grindle’s original wheel ranches, an alternative name he preferred to use for his car dealerships. It was built in 1979, with two wings added later. The Pocklington, Pocklington and Forster Retail Investment Group of Advantis Real Estate Services Co., a GVA Worldwide partner, brokered the deal for the buyer and the seller.According to Martin Forster, Grindle put the property on the market in a bid to organize his portfolio and the deal closed slightly below the $4.25-million asking price. He adds there was a lot of interest in this property, which falls into the group’ niche: 10,000-sf to 80,000-sf unanchored retail properties.

Forster explains to GlobeSt.com the sale was a “quick” deal, from start to finish, because there was “no fresh, outside mortgage.” Typically, deals of this kind average 30 to 45 days of due diligence with a 30-day closing, he adds.

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