A joint venture partnership between Orlando-based commercial real estate company the McNulty Group Inc. and a local property investor is embarking on new plans to build an industrial development in Apopka.
The McNulty Group has submitted a preliminary development site plan and will meet with the city’s Development Review Committee on May 5 to discuss the potential of delivering two 48,000-square-foot office warehouses at and around 2870 Clarcona Road.
Currently, the three-parcel property is owned by Technology Property LLC, the joint venture partner, which is led by property investor Antoine Donatto.
Records show Technology Property LLC acquired the properties in 2012 for $100,000.
Chuck McNulty, the founder of the McNulty Group, told GrowthSpotter the warehouses are being built on spec.
“We’re rolling the dice here,” he said. The company handles sales in-house.
Conceptual plans for the industrial development show the McNulty Group intends to build up to 96,000 square feet of warehouse and office space.
Meanwhile, McNulty Group is completing a seven-building industrial park in eastern Orange County, along Curtis Street and on the east side of Forsyth Road. Of the seven warehouses, five were completed within the last year while two are under construction, he said.
The project consists of warehouses ranging from 5,000 square feet to 23,000 square feet.
Around this time last year, the McNulty Group sold its portfolio of cold storage warehouses at 2560 W. Orange Blossom Trail for $25 million to Miami-based Mandich Real Estate Advisors.
The JV partnership joins a growing list of industrial developers seeking to add more inventory to the Apopka submarket.
Lakeland-based Blue Steel Development and JV partner Bob Zlatkiss assembled about 230 acres on U.S. 441/Orange Blossom Trail with plans to build a new industrial park entitled to up to 2.5 million square feet of space.
Records show real estate investment management firm Exeter Property Group paid $14.5 million in December for an adjacent 100 acres with plans to build more industrial warehouse buildings.
A growing amount of development in the area has been activated in part by the soon-to-be completed Western Beltway (S.R. 429), which stretches all along metro Orlando’s western edge.
The expressway passes through Orange County’s Horizon West master-planned community to Osceola County in the south and reaches Mount Dora’s planned Wolf Branch Innovation District to the north.
Last month, GrowthSpotter reported plans by Sunrise-based real estate investment company Centerline Capital Advisors to assemble about 367 acres of land by the beltway for a large mixed-use community.
The company applied for Planned Development zoning approval in Apopka that would allow for 1.5 million square feet of industrial space, more than 200,000 square feet of commercial uses, up to 278 multifamily units, up to 643 single-family or townhome dwelling units, and up to 75,000 square feet of office space.
McCraney Property Company is also in the middle of seeking City of Ocoee approvals to build its 480,560-square-foot Progress Commerce Park at 429 industrial development on about 40 acres of agricultural land west of Ocoee Apopka Road and south of N. Fullers Cross Road.
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