Vacant 8.38-acre tract on U.S. 19 in Largo sells for $6 million

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Lantower Largo HWY 19 Tampa LP purchased the property, near Whitney Road intersection

TAMPA, Fla. - Rezul -- Lantower Largo HWY 19 Tampa LP, a Delaware limited partnership, has purchased an 8.38-acre plot of land on U.S. Highway 19 just south of Whitney Road in Largo for $6 million.

The property is one of the few vacant lots on this stretch of U.S. 19, which is one of the most heavily traveled roads in Pinellas County, with more than 79,000 cars passing this property each day.

The Gerlach Team, which includes John Gerlach, Mackenzie Gerlach, Jake Gerlach and Cyndi Cushman, represented the seller, Wilder, LLC. Bill Eshenbaugh of Eshenbaugh Land Company represented the buyer.

The buyer has not disclosed its plans for the property. However, the property is zoned for general commercial use, which can include single-family and multi-family developments, commercial office, medical, lodging, and arts and entertainment.

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"The property is less than a mile from Tri-City Plaza, which is anchored by a Publix and L.A. Fitness, making it an ideal location for office, multifamily or hospitality development," said John Gerlach, Executive Managing Director, Investment Services at Colliers International Tampa Bay. "Retail is also thriving in this area, and the frontage on U.S. 19 would provide ideal visibility for a new retail center or big-box store."

During the marketing process, the city of Largo proposed an increase in density for the area. The land sold for $800,000 over asking price after a competitive bidding process.

"We saw a great deal of activity on this property, with a number of interested parties actively pursuing the land," said Gerlach. "The proposed increase in density made this land particularly attractive to developers. We're interested to see what the buyers do with this highly coveted property on U.S. 19."

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About Colliers International Group Inc.

Colliers International (TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. To learn more about how we accelerate success visit corporate.colliers.com, Twitter: @Colliers (https://twitter.com/Colliers) or LinkedIn (https://www.linkedin.com/company/colliers-inter...).

Source: Colliers International
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Filed Under: Real Estate

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