The seller was Sanford Commerce Inc., whose owner, Wayne Rich, said Preferred intends to build a self storage facility, most of which will be climate controlled.
Indeed, plans filed with the city of Sanford show the development firm intends to build a 700-unit, 91,000-square-foot facility.
Thomas and Edward Speno, brothers and partners behind Preferred Realty & Development, did not respond to requests for comment on Tuesday.
The property is located adjacent to the north-bound entrance ramp to S.R. 417, with Interstate 4 less than three miles from the entrance ramp. The project is south of an active commercial business park along St. Johns Parkway.
The architect for the project is Kenneth R. Carlson of Deerfield Beach. The engineer is The Alann Engineer Group of Ormond Beach.
Have a tip about Central Florida development? Contact me at firstname.lastname@example.org. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.