Prime Development Site In Downtown Orlando Sells For $9 Million
APEX Capital Realty announced the closing of a development site located at 367-389 N. Orange Ave in Orlando.
Miguel Pinto, Apex’s Managing Broker/President, represented the buyer, Alex Karakhanian/LNDMRK Development. The Seller, Mazal Holding Group LLC, was representedby Tim Martorella, Managing Director of Madison Capital Group and Ron Mann of APEX Capital Realty.
The buyer, Alex Karakhanian is a major player in the South Florida real estate scene. Karakhanian owns a vast and diverse portfolio of commercial properties around Miami’s urban core neighborhoods and is currently developing a variety of new buildings in the popular Miami neighborhood of Wynwood, and its surrounding areas. He currently has over 1800 residential units in development.
367-389 N. Orange Ave consists of 1.02 acres of land with easy access to Orlando’s Central Business District. Karakhanian is planning on developing a mixed-use project on the site. This project will consist of a ground floor retail space with multi-family units built directly above.
“367-389 N. Orange Ave is one of the best development sites in the area,” said Pinto. “The property is located on the cusp of two major neighborhoods, Downtown Orlando and the Central Business District. It is also within miles of major highways. We are confident that any project taking form on this location will undoubtedly see great success.”
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