California-based real estate investment firm Colony Capital can soon sell 19 parcels totaling 474 acres that lie generally east of Universal Boulevard and near the Orange County Convention Center, after passing through the formality Wednesday of winning a public foreclosure auction for the property.
The public foreclosure auction on Wednesday was a formality, as Colony held first position in the auction because it owned $285 million in debt on the property. Through subsidiary Colony REO Land LLC, the company won property rights with a bid of just over $500,000. Transfer of title on the 19 parcels still needs to be completed in the coming weeks.
Robert H. McEwan, first vice president of Land Services at CBRE in Orlando, told GrowthSpotter on Wednesday that a growing number of international property investment groups have contacted CBRE about the Colony package.
The marketing, contract and closing of a deal this size would typically take three to four months. But these properties are set up to close quickly, because on foreclosed property everything is clear on the property history, with title work prepared. Due diligence can be done in 30 days or less.
The 474 acres are spread across 19 non-contiguous parcels (17 of which are developable), which range in size from 2.9 acres to 85 acres, with a 340.6-acre cluster involving nine parcels. The land lies along Universal Boulevard, and the current and future path of Destination Parkway.