SVN FLORIDA MANAGES SALE OF LAND FOR CONSTRUCTION OF HOTEL IN SANFORD, FLA.

Expansion of local airport increases demand for lodging in the area

Published Wednesday, August 7, 2019

Sanford, Fla. (August 07, 2019) Ali Mushtaq, senior advisor at SVN Florida, coordinated a $1,675,000 million sale of land in Sanford, Fla., where Extended Stay America will build a hotel to meet growing demand in the area.

The 2.78 acres are at Rinehart Road and Florida State Road 417, near WP Ball Blvd. The land is close to several large retail stores, such as Best Buy and Super Walmart, as well as a busy town center.

“This is a great location for the hotel,” Mushtaq said. “The Orlando Sanford International airport is expanding and more people will be flying in for trips to Disney World or Daytona Beach, since Sanford is about halfway between the two destinations. That means more visitors coming into the area and staying for several days at a time, and more demand for extended-stay lodging.”

Mushtaq managed the land deal for seller Rinehart Partners, LLC, part of the Flagship Companies Group, LLC, in Lake Mary, Fla. The company originally acquired eight acres on the Rinehart Road site, splitting the property into three parcels. After the construction of some storage units, the company contacted Mushtaq about finding a buyer for the remaining parcel.

“Ali thought that a hotel would be a good fit for our middle lot,” said Ted Bolin, chief executive officer of the Flagship Companies Group. “He brought in a qualified buyer in Extended Stay and the transaction went very well. We appreciated Ali’s expertise and the business relationships that helped him find a buyer for that middle parcel. Everyone involved in the transaction is happy.”

In 2018, he coordinated a $1.65 million sale on Hickman Drive in Sanford, where a WoodSpring Suites hotel is under construction. A similar hotel land parcel in Orlando’s East Colonial Drive/University of Central Florida market is set to close in early 2020 at Park Square Plaza.

“Right now, the economic climate is favorable for these kinds of transactions,” Mushtaq said. “It’s providing some good opportunities to sellers.”

About SVN
SVN, a commercial real estate brokerage firm headquartered in Boston, is one of the industry’s most recognized and powerful brands based on the annual Lipsey Top Brand Survey and Commercial Property Executive Magazine. With more than 200 locations in 500 markets, SVN Commercial Real Estate Advisors provide sales, leasing and property management services to clients worldwide. The Florida team consists of more than 100 advisors serving locations across the state. For more information on SVN Florida, visit www.svnflorida.com.

Contacts

Ali Mushtaq, senior advisor, SVN Florida Commercial Real Estate Advisors,
407-982-3976 / ali.mushtaq@svn.com

Ken Zeszutko, Z Corp. PR,
321-213-1818 / kenz@zcorppr.com

Investors

Aerojet Rocketdyne Bank of America Baptist Health South Florida BB&T Caler, Donten, Levine, Cohen, Porter & Veil, P.A.
CareerSource Centennial Bank DePuy Synthes Power Tools, a Johnson & Johnson Company Engel & Volkers Palm Beach Equestrian Center
Florida Crystals Corporation FPL Greenberg Traurig Gunster Hardrives, Inc.
HCA Palm Beach Hospitals Hedrick Brothers Construction J.C. White JP Morgan Chase LRP Publications
MBAF Minto Communities, LLC NCCI NextGen Mgmt dba DxWeb Management, LLC Nova Southeastern University
Palm Beach Aggregates, LLC Palm Beach County Board of County Commissioners Palm Beach Park of Commerce PNC Bank Pratt & Whitney (A United Technologies Company)
Raymond James Financial Services/Boynton Financial Group, Inc. RSM South Florida Business & Wealth Magazine South Florida Business Journal TD Bank
Tortoise Properties Wells Fargo & Company Wexford Capital