CBRE Land Services has announced the closing of three transactions totaling $165.9 million in Orlando. Los Angeles-based Colony Capital sold a 473-acre tact of land to Comcast Corporation, the parent company of Universal Orlando Resort. The $130 million purchase represents the single largest land transaction ever in the Central Florida tourist market. Universal will use the land for a expansion of the park.
CBRE also arranged the sale of a 51-acre mixed-use lakefront development adjacent to Lake Bryan in the Disney tourist corridor by Porto Orlando, an Egyptian entity, for $12.9 million. A third sale was for a 49.7-acre parcel directly across I-4 from the new Disney Springs development. The property was acquired by Great Wolf Resorts from Garrison Investment Group of New York for $23 million. The investors appear to be intent on leveraging Orlando’s ability to attract upwards of 60 million visitors annually.
“These infill properties in the world’s number-one tourist destination benefit from an incomparable infill location within immediate reach of our most recognizable vacation destinations. In each case, we were able to utilize our worldwide marketing platform to access national and international buyers,” said Robbie McEwan, First Vice President of CBRE Land Services in Orlando, who arranged all three transactions together with CBRE’s Preston Hage and Jake Schrimsher.
