ORLANDO––Holliday Fenoglio Fowler, L.P. (HFF) announces the $6.6 million sale of a 14-acre land site with hotel and retail development potential near the Orange County Convention Center in Orlando, Florida.
The HFF team marketed the property on behalf of the seller, REDUS Properties, Inc. Spring Bay Property Company LLC purchased the asset.
The 14-acre site, which is zoned for 1,200 hotel rooms and 150,000 square feet of retail, is situated on the north side of Destination Parkway between University Boulevard and Tradeshow Road. This places it in the International Drive submarket near Interstate 4, a major transportation artery that provides access to Walt Disney World, Universal Studios, SeaWorld Orlando, LEGOLAND and the Orlando Premium Outlets. Additionally, the site is less than a mile from the Orange County Convention Center, the second largest and busiest convention center in the country.
The HFF investment advisory team representing the seller included senior managing director Michael Weinberg and director Preston Reid.
The International Drive submarket has undergone massive changes over the last five years, and HFF has been active in transacting property throughout its transformation, including four properties within a half-mile of this new land site sale: the sale of a six-acre land site adjacent to the development site; the sale and financing of the 425-unit The District apartment community; the sale of the Publix-anchored Lake Cay Commons; and the sale of the Westin Imagine.