Indianapolis-based Scannell Properties is planning a massive new logistics center in the U.S. 27 commercial corridor in Groveland, across from the growing Christopher C. Ford Commerce Park.
The privately-owned real estate firm is seeking to build nearly 1 million square feet of industrial space by the interchange between U.S. 27 and State Road 19, just south of Florida’s Turnpike, according to an environmental resource permit application recently filed in the St. Johns River Water Management District.
The project, dubbed the Turnpike Logistics Center, is a proposed 977,466-square-foot warehouse located east of South Obrien Road on roughly 94 acres of land Scannell Properties bought in July for $10.5 million.
Records show the developer sourced a $6.3 million mortgage from Pinnacle Bank to finance the deal.
Dan Harrington, a development manager at Scannell Properties, told GrowthSpotter the building will be built in spec and could accommodate a single user or multiple users.
“Florida, in general, has seen a huge uptick in industrial demand,” he said. “We’ve been constantly looking for plays like this: A site that has good highway access, is located near major metropolitan areas, Tampa and Orlando are not too far away, plus the demand we’ve seen in the Ford park across the street, the metrics lined up and we liked the price of the land. We think there will be good demand for the product once we get it going.”
The seller, Garden Way Ventures LLC, is affiliated with Hanover Land Company, which is an active developer in the area with another industrial project in the works nearby.
In July, Hanover broke ground on a new 425,000-square-foot spec industrial building, called Hanover American Way, across from the new $125 million Kroger-Ocado fulfillment center.
The 338,000-square-foot Kroger warehouse is a high-tech facility made in partnership with United Kingdom-based online retailer Ocado Solutions. Kroger’s Ocado warehouse was the largest industrial development delivered in Central Florida during the second quarter, according to a JLL industrial report.
Both projects are located in the Christopher C. Ford Commerce Park, near the U.S. 27 intersection at S.R. 19 and about a mile from Florida’s Turnpike.
Earlier this year, Seefried Industrial Properties and Fortress Investment Group opened a roughly 200,000-square-foot Amazon warehouse facility that handles last-mile-delivery services in the commerce park. Last year, the partners purchased the 45-acre property on Independence Parkway for $4.8 million and simultaneously entered into a lease agreement with the e-commerce giant.
Amazon is located across from the Home Depot distribution center at 19975 Independence Boulevard. Other companies in the commerce park include Dunkin Donuts Distribution, Niagara Water Bottling Company, Domino’s Distribution, and Metals USA.
Meanwhile, the Lake County Board of Commissioners is actively trying to draw in the headquarters of an undisclosed company to the Christopher C. Ford Commerce Park.
The board has crafted a proposal to sell approximately 26 acres of county-owned land at 3080 Independence Blvd. for $661,235 (which is below its assessed value of $1.985 million) and in return, the unnamed corporation will provide the county with an “Irrevocable Letter of Credit” for about $1.3 million.
Contingent on the deal, the undisclosed firm also intends to employ 130 people and make available 90 positions to Lake County residents.
Last year, media billionaire and developer Edmund Ansin paid $4 million for about 123 acres on the northwest corner of US Highway 27 and O’Brien Road. The property is zoned for agricultural use, but features an Urban Medium Density Future Land Use, which allows residential developments at a maximum density of about seven dwelling units per acre, in addition to civic commercial and office uses.
No rezoning applications have been submitted for the property yet.
Scannell Properties joins a long list of developers and investors looking to plant their flag in the area, but it’s also pursuing large projects in other parts of Central Florida.
The Indianapolis-based developer is active in Sanford, where it is expanding its 822,000-square-foot NorthPort Industrial Park, located north of Narcissus Avenue and south of Rand Yard Road, near the city’s SunRail station.
Earlier this year, GrowthSpotter reported that Scannell Properties is planning to build an additional 127,800 square feet of new warehouse and professional office space in NorthPort.
The privately-owned real estate development and investment company focuses on build-to-suit and speculative development projects in the United States, Canada and Europe.