Tampa, FL – December 16, 2014 – CBRE arranged the sale of the former G. Pierce Wood Mental Health Facility near Arcadia in DeSoto County for $2.5 million. The Power Auto Corporation acquired the property from the Florida Department of Environmental Protection’s (DEP) Division of State Lands. CBRE represented the DEP.
“The goal is to put surplus state properties, such as the former G. Pierce Wood Mental Health Facility, back into the public’s purview to promote growth, jobs and private sector opportunity,” said Lee Ann Korst, First Vice President, CBRE. “This sale directly supports the State’s directive to shrink its real estate footprint in order to reduce costs and bolster efficiency.”
“DEP is excited about this land sale that will offer tremendous economic benefits to DeSoto County,” said Kelley Boree, director of DEP’s Division of State Lands. “Power Auto Corporation has a multiuse development plan that is expected to offer top performance rally car driver training and manufacturing facilities.”
Power Auto Corporation plans to construct a manufacturing facility, driver training center, tactical training and a hotel. The proposed facility will bring between 80 and 120 jobs to the area during the first year and up to 360 within five years. The property is approximately 496 acres of surplus, non-conservation land, which includes 565,000 square feet of building space. The Florida Department of Juvenile Justice took full responsibility of the property and requested the property be designated surplus in July 2012. Power Auto Corporation submitted a qualifying bid to the Florida DEP’s Division of State Lands in November.
CBRE was selected by DEP as the exclusive agent for the sale of 13 surplus property totaling 1,987 acres located throughout the state of Florida. DEP is in the process of selling many state-owned, surplus, non-conservation lands to increase the budget for future purchases of environmentally sensitive conservation lands.
In 2014, CBRE helped generate $1.2 million to the public tax roll, per assessed value, through the sale of surplus real estate totaling $9.75 million. Those sales not only saved taxpayer dollars, but also put properties to new uses at the local level, sparking commercial economic activity. The CBRE Public Institutions and Education Solutions team representing the seller included Lee Ann Korst, Thomas Karpenske and Ann Rossini.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.