Wednesday, August 31, 2022

Stirling International Brokers Two Land Sales Totaling $7.8 Million in Lake County, FL – 55 Acres in Tavares and 10 Acres in Clermont Approved for BTR Townhomes

 

Roger Soderstrom Jr.

TAVARES, FL Two Stirling International Real Estate agents recently completed sales of a 55+ acre tract in Tavares for $3.7 million ($67,273 per acre), then 90 days later closed the sale of a 10-acre parcel in Orlando’s latest hot submarket of Clermont for $4.1 million ($410,000 per acre).

John Kurtz 

Roger Soderstrom Jr. and John Kurtz represented Jacksonville-based ALP Investments, LLC in their sale of 10 acres on Pitt Street at the intersection of Grand Highway (U.S. 27) – an “A” location in Clermont. 

 LMG Clermont, LLC purchased the property, which already had county approval for approximately 110 BTR townhomes and some of the preliminary site work completed.

SOLD:  10 acres on Pitt Street at the intersection
 of Grand Highway (U.S. 27) – an “A” location
in Clermont, FL

Soderstrom and Kurtz also represented Orlando-based sellers – Place of Peace, Place of Peace II, and The Julia Johnson Living Trust – in the sale of an assemblage of seven parcels comprised of more than 55 acres on Lane Park Road in Tavares.

With 1,300 feet of high bank frontage on Lake Harris, the Tavares property is near Woodlea Road and a 200-acre tract that Kolter Homes has under contract. There’s a working citrus farm and a 3,000 square-foot pool home on the land, Kurtz said.

With 1,300 feet of high bank frontage on Lake Harris,
 the Tavares property is near Woodlea Road
and a 200-acre tract

The buyer, Tavares Citrus Groves Holdings based in Clermont, has not shared any immediate plans for the property, which currently is zoned agricultural/residential, according to Kurtz.

Contacts:

John Kurtz, Stirling International Real Estate, 

407-250-1000 or JKurtz@StirlingIRE.com.

Roger Soderstrom Jr., Stirling International Real Estate, 407-250-1000 or roger@stirlingint.com.

 

Kairos Investment Management Co. Joint Venture acquires office/retail asset totaling 91,027 SF in Denver, CO

 

The George, an eight-story office
and retail property totaling 91,027
square feet at 820 16th Street
 in Denver, CO.

DENVER, CO. -– Kairos Investment Management Company (KIMC), a firm that focuses on value-based real estate investments, has partnered with private real estate investment firm Harbor Associates to acquire The George, an eight-story office and retail property totaling 91,027 square feet at 820 16th Street in Denver, CO.

“This joint venture acquisition aligns well with our contrarian approach, through which we invest in overlooked markets that have a demonstrated pattern of growth,” says Carl Chang, CEO and Founder of Kairos.

“In 2020, Denver was named one of the top moving destinations in the country and ranked among the top five U.S. cities for inbound growth.

"As large financial institutions become more cautious with their underwriting, our seasoned investment team will continue to carefully research areas of opportunity like Denver where Kairos can partner with firms to acquire assets with value potential.”

The George is a property that synchronizes with Kairos’ value strategy, which makes value-based real estate investments in strong recovery and growth markets by selecting assets primed for capital and operational improvements.

 As part of this strategy, Kairos plans to add value to the property by leasing up office spec suites within the building and exploring development of additional uses within the building, notes Jonathan Needell, CIO of Kairos.

 Jonathan Needell


“Many investors are being conservative about placing capital in sectors like office and retail that were hit hardest during the last two years,” says Needell.

“Conversely, Kairos views these sectors as contrarian opportunities to acquire properties that are positioned to increase in value after the pandemic.

"The George benefits from its location, as the Denver metro area is consistently ranking as one of the top cities for startups in the U.S., offering a high-quality, active lifestyle and lower cost of living compared to markets like Chicago and New York.”

A historic property constructed in 1906 and renovated in 2020, The George is an office building with ground-floor retail situated close to public transportation including a light rail station.

Joon Choi

The asset is located in the central business district of Denver, an area with a strong diverse economy of high-paying jobs within the tech, financial, medical and education sectors.

Many businesses in the area are involved in top office-using industries including artificial intelligencelife sciences, and financial products and services.

“Our joint venture partnership sees Denver as a key market for continued growth,” says Joon Choi, Principal at Harbor Associates. “Colorado is one of the fastest-growing states in the U.S., with Denver continuously leading population growth over the last four years.

 "The George’s strong location within this market and modern amenities position it for increased resident demand in the years to come.”

The George recently received several property improvements including new conference areas, a new lounge, updated HVAC, and bicycle storage—ideal amenities in light of Denver’s active lifestyle and the property’s easy-commute address.

The asset is in close proximity to recreational parks, several prominent sports arenas, shopping and dining options, as well as Denver’s 16th Street Mall, which is currently undergoing renovations.

Contacts:

 Arleeny Escarcega / Lexi Astfalk

The Smart Agency, Inc.

(949) 438-6262
aescarcega@thesmartagency.com

 www.kimc.com.