The head of a local residential real estate office paid $1.8 million earlier this month for his company's own office property near Dr. Phillips, buying from a colleague who developed it 12 years ago.

Located at 6801 Wallace Road, directly west of Universal Orlando's Volcano Bay water park, the 0.45-acre parcel features a two-story office building built in 2005 with 5,535 square feet of conditioned area.


Albert Carioti, Realtor and broker of the local CENTURY 21 Carioti  office, bought the property on Nov. 7 through affiliate Carioti, Inc.

Carioti's CENTURY 21 office has leased the building since 2015.

Learn how much space is being sought, a timeline the developer is working with, and what national co-working chain he's bringing to market.

The seller was Nabavi Plaza LLC, an investment affiliate of Michael and Linda Nabavi. The couple is known locally in the real estate brokerage and construction communities, with Linda an agent at CENTURY 21 Carioti, and whose daughter was charged with million-dollar fraud last year.

The Nabavis paid $250,000 for the land back in 2003, then developed and built the office building with their own construction company.

The Nabavis and Carioti each declined to comment Tuesday on the transaction.

Michael and Linda Nabavi were involved last year in a criminal fraud case involving their daughter Leaza Lopez, an Orlando title agent who was charged with stealing roughly $1.3 million in funds she was trusted to hold in escrow for clients, the Orlando Sentinel reported in July 2016.

While the Nabavis were not charged, victims said they only did business with Lopez because of the trust they had in her parents' real estate background.

Carioti sourced a $1.35 million mortgage to fund the deal from Silver Hill Funding LLC out of Coral Gables.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.