A Tampa investor who recently sold an Apopka warehouse property that carries a long-term lease is looking to reinvest the proceeds in the Central Florida market.
David M. Mitchell's LLC affiliate, DMI Apopka, sold a vehicle repair shop location last week for $1.75 million at 1990 S. Orange Blossom Trail in Apopka to Zanik Corp., a Lafayette, Indiana-based company. Property Appraiser records show Mitchell previously bought it in December 2011 for $1 million.
The 1.15-acre parcel includes a 17,434-square-foot building built in 1996. The land is leased to Gerber Collision and Glass, a lease that will remain in place for a few more years, Mitchell said.
"We probably will reinvest elsewhere in the Orlando area," Mitchell said on Monday. He will look for the same size and type of property, heavy commercial or industrial.
Mitchell said the land was not listed for sale, but Zanik approached him about acquiring it.
Gerber Collision and Glass leases several properties owned by affiliate companies of Mitchell, he said. Zanik Corp., which did not respond to calls for this story, plans to keep the current lease on the Apopka property, Mitchell confirmed.
Teresa Burney can be reached at 352-455-1955, or at email@example.com. Follow GrowthSpotter on Facebook, Twitterand LinkedIn.