Community Reinvestment Partners II LP, a joint venture of Tampa-based DeBartolo Development LLC and Tampa-based Forge Capital Partners LLC, purchased Mills Park, land for a mixed-use development in Orlando, for $6.25 million.
The price equated to $431,034 per acre.
DeBartolo and Forge will develop retail, multifamily and office space on the 14.5-acre property at the intersection of Mills Avenue and Virginia Drive. Pelloni Development Corp., the original developer of the project, will remain involved in the master development and will develop the medical and professional office portion of the property.
“The commercial real estate market continues to show signs of recovery with the multifamily sector leading the way and demand for retail and office space gradually increasing,” Edward Kobel, president and chief operating officer of DeBartolo Development, says in a press release.
Jim Pelloni, CEO of Pelloni Development, says Community Reinvestment Partners II was selected for the project because of the capital and development expertise of its two partners.
The development will also include a park, bike path and parking garage.
In 2008, Community Reinvestment Partners purchased a controlling interest in Baldwin Park, one of Orlando's most successful mixed-use projects.