A partner of Goodwill Industries of Central Florida has bought the land where its new Lake County store will be built for $1.5 million.
Ground breaking on the store is imminent, Goodwill Industries of Central Florida's president and CEO William G. Oakley told GrowthSpotter. It is expected to be completed by April.
Goodwill is in expansion mode in Central Florida, renovating and building new stores throughout the area. To help fuel the expansions, it is partnering with investors to purchase the land and buildings and then become Goodwill's landlords.
In the Lake County case, Goodwill found the 3.86-acre parcel on the north side of U.S. 441, negotiated a contract to buy it, designed the building and moved the project through municipal approvals and annexation into Eustis before the investor bought the land.
Interstate Partners II Eustis LLC recently purchased the 3.86-acre site on the north side of U.S. 441, west of Gables Drive that was recently annexed into Eustis. After the building is finished in the spring it will be leased to Goodwill, Oakley said.
The land was sold to Interstate Partners by a group: Brian Daniel Len, Bruce Allen Len, Michelle Marie Len, Nicholas Michelle Len, Raymond Len, and Rodney Joseph Len, according to the deed. At the same time Interstate took out a mortgage with Bremer Bank for a $4.75 million construction loan to build and outfit the store, according to mortgage documents. The total cost is expected to be $5.2 million, Oakley said.
The new Lake County store will be a 20,000-plus square foot stand-alone store. It will replace a much smaller store in an older shopping center in Eustis on SR 19 near U.S. 441.
The renovations and new stores are designed to make donating items easier. They also are roomy, bright and clean with merchandise neatly organized by color and design, making the shopping experience more pleasant as well, Oakley said.
Teresa Burney can be reached at 352-455-1955 or at Teresaburney4@gmail.com