The developer of the Legacy Place business park has sold its final vacant parcel for a recorded $1.3 million to a self-storage builder that has filed plans for a 3-story, 100,101-square-foot building on the 4.74-acre property.
The seller is an affiliate of Illinois-based The Inland Real Estate Group of Companies, Inc., which holds an adjacent parcel at 300 Legacy Place. Scott Filippelli, Vice President-Portfolio Manager of affiliate Inland Mortgage Capital said two nearby active regions create demand for the property.
"It seems like Orlando in general is hot, booming, and on the east side in particular it seems like they've kind of ... carved out a niche for having a lot of tech and medical uses in the area," Filippelli said. "You look at the University of Central Florida growing, it's a big influence on the east Orlando area, and just a few miles to the south you've got Lake Nona and the medical city that really seems to be changing the market for the better."
An affiliate of SafStor, a Daytona Beach-based self-administered and self-managed real estate investment trust, according to its website, purchased the land at 10959 Lake Underhill Road just west of Rouse Road on Sept. 19, according to county filings. SafStor targets self-storage development projects that primarily cost between $7 million and $10 million and are sized between 70,000 and 90,000 gross square feet, its website said. Development plans filed with Orange County list an affiliate of South Florida-based Red Apple Development, which has partnered with Charter Schools USA, as owner.
A mortgage in the amount of $6.2 million was recorded in Orange County filings with lender Ameris Bank. Attempts to gain comment from SafStor or Red Apple were unsuccessful.
Summit Construction Management of Orlando is listed as developer for the SafStor affiliate's building, according to filings with Orange County, with Kimley Horn and Assoc. of Orlando as engineer and landscape architect, and Southeastern Surveying and Mapping Co. of Orlando as surveyor.
Inland's affiliate holds one remaining office condo in a mixed-use commercial facility with space for up to 48 condo units, built in 2007; some buyers picked up multiple units. Inland affiliates sold adjacent parcels in the development in 1999, 2009 and 2014, the first sale going to First Union National Bank for an operations center that remained in use after Wells Fargo bought that bank; it saw 137 mortgage workers at that location laid off in August, state records show.