Avison Young’s Florida Capital Markets Group has been exclusively tapped to spearhead the court-ordered sale of Monarch Ranch, a unique ±3,400-acre industrial development opportunity in Sumter County. One of the largest vacant land sites positioned within one hour from each of the Orlando and Tampa Central Business Districts, two of the fastest-growing metro areas in the United States, the property is ideal for distribution use.
Avison Young Principals Jay Ziv, John K. Crotty, Michael T. Fay, David Duckworth, and Brian de la Fé will lead the marketing and sale of the property.
“By acquiring a footprint of Monarch Ranch’s scale and connectivity at the midpoint of Florida’s fastest-growing cities, a developer will be able to create an industrial node that defines distribution and warehousing activity for the state’s central corridor and Gulf Coast as it continues its massive wave of growth,” said Ziv.
Fay told GrowthSpotter they are looking for a single buyer entity and that no minimum price has been set. “We are accepting all offers,” he said.
Monarch Ranch is located between the cities of Wildwood and Coleman and currently has an Industrial future land use and Agricultural zoning. In addition to immediate access to Interstate 75, Florida’s Turnpike, and State Road 44, the property also directly borders CSX’s main eastern seaboard freight line, allowing for potential on-site connectivity to a ±20,000-mile rail network serving 23 states. The buyer will have the opportunity to rezone the property and construct millions of square feet of industrial space, as well as a mix of other complementary uses.
“The property has many potential uses but would still have to be master planned, entitled and zoned,” Fay said.
Given the robust industrial sector growth in Orlando’s market, that is likely the highest and best use of the property. In its 2023 first quarter report, Avison Young reported that the Orlando MSA currently has 7.8 million square feet of industrial warehouse space under construction to help fill the historic demand.
Nearly half of the new pipeline product consists of “large bomber” warehouses with over 250,000 square feet. That category has vacancy rate of just .3%.
In 2022, industrial leasing had one of the strongest years on record with over 10.5 million square feet signed. The market data does not include Sumter County, which is located in The Villages MSA.
“Florida’s industrial market continues to boom,” said Crotty. “Investor-developer and tenant demand for industrial space with connectivity to population centers has increased significantly in the past three years as the trend of southward migration to the Sunbelt accelerated with no signs of slowing down.”
The size of the 18-parcel assemblage dwarfs the region’s largest industrial land sale of 2022, which encompassed 248 acres.
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