The group paid $345,000 in September for lots 22 and 23 in the Osceola Industrial Park. The two lots, situated just south of U.S. 192 and a few blocks east of Narcoossee Road, total just over 2 acres.
The developer initially submitted plans to the city of St. Cloud in August. Last week, PEM filed plans with South Florida Water Management District for two identical 14,016-square-foot, multi-tenant warehouse buildings. Each unit space would have 1,752 square feet, and the buildings would be constructed in one phase and accessed via Tileston Road.
An investment group led by Daryl M. Carter and John Reich had purchased all of the undeveloped lots in the industrial park in January for $1.9 million. In June, the duo sold another 1.3-acre lot in the industrial park to Nestle Enterprises and Osceola Glass and Mirror for $190,000, but no plans have been filed for that parcel.
Carter and Reich still control about 24 acres of the asset, including a 14-acre commercial parcel with 1,000 feet fronting on U.S. 192.
In June, Reich Properties doubled down on St. Cloud's demand for industrial space by paying $1.4 million for a 16-acre industrial park on Old Hickory Tree Road. Reich subsequently filed plans for 127,500 square feet of new flex industrial space, starting with a 22,500-square-foot building -- that building will be completed in January.
St. Cloud has a shortage of industrial space to serve the growing community, Reich told GrowthSpotter earlier this year.
"I did an inventory of industrial space in St. Cloud, and the whole city only has 700,000 square feet," he said. "That's spread out in 60 buildings. They say the industrial vacancy rate in Orlando is 5 percent -- it's half that in St. Cloud."