An affiliate of Apopka-based contractor Carter Electric paid $798,300 last week for a new 13-acre site with plans for a new office and warehouse, while the property's seller is looking for a new and larger tract in which to reinvest its proceeds.
Located on the southwest corner of Marshall Lake and S. Bradshaw roads in Apopka, the undeveloped parcel is surrounded by the Cooper Palms Sports Complex, the planned 20-acre Lake Gem Commerce Center and more light industrial warehouse sites in varied stages of planning and construction.
The sale closed on Sept. 21 and was recorded Tuesday in Orange County.
The buyer was Carter Land Development LLC, managed by Carter Electric's president Douglas A. Carter. He told GrowthSpotter on Tuesday evening conceptual plans for the site would more than double his company's current footprint.
"We're looking at a building of 15,000 square feet there potentially," he said, compared to 6,000 square feet that Carter Electric now operates out of. "We're not far along on developing the plans."
Carter said he's hired a general contractor, which he declined to name, and that GC is negotiating with an architect to join the project. The civil engineer will be Klima Weeks.
The new office and warehouse for Carter Electric could cover about 3.5 acres of the 13-acre site, said Carter, who noted he'd like to develop building pads for sale on the remaining land over time.
Carter's land owner affiliate also owns a 1-acre site on N. Hiawassee Road in Apopka that's home to his firm's current warehouse and office.
Another 1-acre property it owned at 2455 W. Orange Blossom Trail with a Carter Electric office building was sold Sept. 20 for $450,000 to investor Charles H. Thompson of Freedom Financial Capital LLC in Orlando.
The buyer sourced a $518,862 loan from IberiaBank to help finance the land acquisition.
The seller was Flight Team Investment Group LLC, an investment affiliate of principals behind Greer Tile Company, which previously paid $375,000 in October 2016 through a bank foreclosure auction.
"What prompted us to sell was we purchased this to do a high-end motor home storage facility. But in working with the city of Apopka we found their restrictions cut down on our storage capacity, so the project wasn't feasible," said CEO Barry Greer. "We're now looking for a 20-acre site that will accommodate the motor home (storage facility). We think it's a viable project, and put a lot of research into it."