Adventist Health System, parent company of Florida Hospital, paid $2.35 million on Monday for more than 53 acres in western Apopka, land it appears ready to bank for future development -- potentially for storage warehouses.
The company also bought part of an adjacent 6.39 acres on Jan. 5 for $450,000, providing up to 60 contiguous acres overall near a future interchange of the S.R. 429 Western Beltway.
Located at 4051 Fudge Road, just south of the private Orlando Apopka Airport, the 53.65-acre property was a former flower greenhouse and plant cloning laboratory for Kerry's Bromelaid Nursery, which lost it to bank foreclosure in 2013.
No new development plan or rezoning requests have been filed with the city of Apopka as of this week. The land may be banked by Adventist as part of its long-term growth plan for Greater Orlando.
A company spokesman told GrowthSpotter there are no definitive plans for the property at this time.
However, Adventist said during negotiations it may redevelop the property for storage warehouses to support its regional hospitals, said Jim Veigle, principal with the seller Capital Land Group LLC, an affiliate of Veigle Properties in Winter Park.
The Veigles were marketing the property themselves since acquiring it for $462,700 in November 2014, before Cushman & Wakefield's Orlando office introduce Adventist last year, said Toren Veigle, principal with the company.
The family is now trying to identify new commercial properties to reinvest the proceeds from this sale, with a focus on Fairbanks Avenue in Winter Park, and a broader interest in undeveloped sites or value-add office properties within that city, Toren Veigle said.