ORLANDO-The Florida Department of Transportation has bought a 1,904-square-foot retail property in Altamonte Springs. The DOT purchased the property in order to demolish it and widen Interstate 4. The government body will tear down the building, purchased for $975,000, within six to 12 months.

Colliers International Central Florida director Cynthia Shelton represented the seller, the Rosenthal Group, in the transaction. Shelton had listed the property prior to the DOT’s offer and closed at the asking price. Shelton tells GlobeSt.com the price was in line with market value for visible corner locations and small parcels.

“It seems like there's a lot of DOT interest in some markets but no funds for actual construction,” Shelton tells GlobeSt.com. “Several areas along 17/92 and 436 are working on fly-overs and redoing roads, but projects keep getting delayed due to funding.”