The sale reflects a land value of $55 per square foot, one of the highest sale prices in recent memory for that retail corridor of Winter Park, and reflective of the value of such a large block parcel, said Lee Zerivitz, managing partner with CITY Commercial, who represented the seller.
"The positive business environment prompted the sale, and all the activity in that corridor garnered the price that it did," he told GrowthSpotter on Monday. "It was on the market less than 90 days prior to the city approval process beginning (in July). It was the right conditions and right time, and was highly sought after by retail developers."
Located northwest of the intersection of N. Orange and S. Orlando avenues that serves as a gateway into Winter Park, the company bought two parcels totaling 2.4 acres that lie between Indiana and Miller avenues, the principal address being 1111 S. Orlando Ave.
The property is occupied now by the closed Eat More Produce farmer's market, an antique store and warehouse storage uses.
The sale value tops the $45 per square foot paid in late September by Leon Capital Group for 1.52 acres about 1,500 feet north at 1350 W. Fairbanks Ave., a block off of S. Orlando Avenue.
Oppidan is the national contracted developer for Orchard Supply Hardware.
Jay Moore, developer with Oppidan overseeing the Winter Park project, confirmed the purchase on Monday but declined further comment, citing non-disclosure agreements with his client.
Oppidan's site development permit for the 2.4 acres is currently on hold by Winter Park's fire and engineering departments, and its building permit is in plan review with holds from the building and fire departments, as of Nov. 3.
The seller was Dingman Bros 1155 LLC, an affiliate of Richard and William Dingman, brothers that own multiple properties in Winter Park, including The Volvo Store dealership.
The Dingmans had owned the recently sold property directly or through holding companies since at least 1983, when they paid $182,500 for the smaller parcel, and in 2010 paid another $100,000 for the larger parcel with the antique store.
Clay Mote of Venture Commercial Real Estate in Dallas represented the buyer.
Orchard Supply was founded in California in 1931 and acquired by Lowe's in 2013. Oppidan introduced the retail chain to the Florida market earlier this year with property acquisitions and development plans for a store in Deerfield Beach, followed by locations in Fort Lauderdale and Coral Springs.
Oppidan is also leading the Phase 1 redevelopment of the 17.98-acre Sears-anchored parcel at Orlando Fashion Square Mall, where an Orchard Supply Hardware will be one of the new anchor tenants, and the brand's second location in Greater Orlando.