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Groveland warehouse near Florida Turnpike sells for half its original cost

Highlighted in red is the land parcel recently acquired in Groveland's Ford Commerce Park, which is located near the city's exit for the Florida Turnpike.
Highlighted in red is the land parcel recently acquired in Groveland's Ford Commerce Park, which is located near the city's exit for the Florida Turnpike. (Lake County Property Appraiser)

Estes Express Lines, one of the largest trucking companies in the country, spent $4 million for a warehouse and 31-plus acres in Groveland's Ford Commerce Park in late January, less than half the $8.4 million that the land and building sold for in 2003.

A spokeswoman for Estes Express said the company hasn't decided whether to hold the land as an investment or develop it for company use.

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The Christopher C. Ford Commerce Park is located on U.S. Highway 27 at the crossroads of State Road 19 and the Florida Turnpike, a useful location for a trucking company.

The seller, CALEAST HD LLC, traces to the corporate address for CenterPoint Properties, which did not return calls seeking comment on the sale.

There is a chance that the warehouse was originally built for Home Depot, since the lot it sits on is named "Lot 1 Home Depot" on the plat. Also, CenterPoint's LLC name had included HD, a common abbreviation for the company.

Groveland City Manager Redmond Jones said the price was probably a bargain, with pastureland selling for an average of about $32,000 an acre in the area. That would make the land alone worth about $1 million. Property records do not say how large the warehouse is.

Jones said the industrial park, which is in unincorporated Lake County, is beginning to show some signs of growth to come. He also said that they have had previous calls of interest from potential buyers for the warehouse.

Teresa Burney can be reached at 352-455-1955 or at Teresaburney4@gmail.com. Follow GrowthSpotter on FacebookTwitter and LinkedIn.

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