Indianapolis-based Scannell Properties just sold the first set of industrial buildings completed within its planned NorthPort industrial complex in Sanford that will span more than 822,000 square feet at completion.
A recently recorded deed in Seminole County shows entity Northport Industrial Park Blenheim LLC paid $33.9 million for the first three buildings built by Scannell Properties last year. The company is led by property investors and businessmen Ravi Narayanan and Pulin Chandaria.
Narayanan told GrowthSpotter the buildings were occupied by tenants, but wouldn’t comment further.
The first phase includes 277,450 square feet of industrial space in three buildings. The largest spans 146,000 square feet. Building 2 consists of 75,200 square feet and Building 3 is 56,250 square feet, according to online marketing material provided by JLL, which is handling leasing efforts.
Brokers involved include Matt Sullivan, Wilson McDowell and Bobby Isola with JLL.
Notice of Commencements filed in Seminole County show only the first three buildings have been constructed.
The buyer, Northport Industrial Park Blenheim LLC, filed its own NOC to build a fence and start landscaping work. Records also show the buyers scored a $17.5 million loan from Atlanta-based Voya Financial to finance the deal.
NorthPort Industrial Park is located on 67.4 acres around 475 N. Cedar Rd., north of Narcissus Avenue and south of Rand Yard Road. The industrial park features easy access to Interstate 4 and S.R. 17-46 (West First Street).
In January, Scannell Properties took over the project from its developer Rand Yard Farms LLC, a company managed by Chris Kelley.
Original plans called for a less dense industrial project. In 2017, Kelley was seeking to develop up to 650,000 square feet warehouse and distribution space on the property, but those plans never kicked off.
Scannell Properties paid $10.1 million for the development site last year in January, taking the development off the hands of Kelley. The company is a privately-owned real estate development and investment company that focuses on build-to-suit and speculative development projects in the United States, Canada and Europe.
JLL’s marketing material states its industrial park will feature 822,200 square feet across a total of seven buildings including the three that just sold, once complete.
Narayanan with Northport Industrial Park Blenheim LLC is a business consultant based in Tampa, while Chandaria is vice president of Comcraft Canada Ltd., based out of Toronto.
Comcraft Canada has ties to the Comcraft Group, which is an industrial manufacturing company based out of Kenya, Africa that specializes in aluminum, steel, plastics and information technology.
Narayanan said NorthPort Industrial Park is an investment property and not affiliated with either of the companies they work at.
Companies in the area include Fastenal, a Minnesota-based supplier of manufacturing parts, tools and services, which assembled about 37 acres between Lake Mary Boulevard and Marquette Avenue with plans to build a new facility. The location hasn’t opened yet.
The area is also growing with residential projects. Nearby, in downtown Sanford, Suncor Properties is planning a new townhome development and an adjacent hotel on vacant land next to Henry’s Depot food hall.