Saturday, February 25, 2012

Marcus & Millichap Hired as a Consultant to Sell $1 Billion Orlando, FL Development



 APOPKA, FL– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has been hired as a consultant to sell the $1 billion Kelly Park Crossings (top left map), the largest development ever set to rise in Apopka.

Initial entitlements call for the construction of up to 900 acres, including housing, a regional mall, offices, a campus for Valencia College, a hotel, a hospital and medical office space, as well as a four million-square foot Merchandise Mart near the Wekiva Parkway extension.

Located in northwest Orange County where Seminole and Lake County intersect, the $1.6 billion parkway extension is the final portion of the Orlando Beltway expansion project.

Paul Bouldin (middle right photo), a senior associate in the Tampa office of Marcus & Millichap, has been hired as an advisor to the seller, an investment group led by Jim Palmer (lower left photo), a well-known Republican power broker and Orlando attorney.

 “An investor could become a joint venture development partner and receive a return on the equity placed, with a profit participation in the total project,” explains Bouldin.

“I am very pleased with the progress we have made thus far with Kelly Park Crossings, starting with the 9.2 million square feet of development rights secured from state and local governments,” says Palmer. “Additionally, we are moving forward with Valencia College to develop a campus on our site, which has been solidified in the last month.

“We are also pleased to be working with the premier land brokers in the country and we have an excellent relationship with Paul Bouldin,” says Palmer. “With its in-depth market knowledge and unparalleled access to a variety of capital sources nationwide, Marcus & Millichap will take our project to the next level by attracting the most qualified joint-venture capital partners.”

Located at 3434 Kelly Park Rd., Kelly Park Crossings is a mixed-use, regional development slated to encompass up to 9.2 million square feet. The property consists of four distinct quadrants located at the northwest and southwest corners of the intersection of West Kelly Park Road and the planned Wekiva Parkway extension.

Upon completion, Kelly Park Crossings will include a 1.4 million-square foot regional open-air mall, a 400-bed hospital and medical office space, a 500-key hotel, a new campus for Valencia College, an office and industrial park and residential housing that will create a new community at the only interchange along a 14-mile stretch of the Orlando Beltway.

Chinese businessmen from Zhongshan City, Guandong Province, China, which boasts $34 billion in exports annually, are interested in investing $150 million in the Kelly Park Crossings project to build a four million-square foot Asian Merchandise Mart, published reports say.

“The proposed Merchandise Mart is one of the most exciting parts of this project,” says Palmer. “Wholesalers from around the world will come in for exhibits and conferences to sell their products, which would be a huge boon to the regional and state economy.”

Contact: Stacey Corso, Public Relations Manager, (925) 953-1716






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