The seller was Hills at Clermont LLC, an affiliate of Prudential Investment Management in Madison, N.J.
UP does not yet have a firm development plan for the land, located on the south side of S.R. 50 at Emil Jahna Road, said spokeswoman Gail Rayos, Central Florida manager for Wragg & Casas Strategic Communications.
UP Development sold its partnership stake this week for roughly $25 million in The Shoppes at Alafaya Trail in Waterford Lakes, paying off debt it had shouldered to develop the property, and now has another 23 acres under contract.
Also in January, a subsidiary of Napleton Clermont Chrysler Jeep Dodge Ram spent $580,000 to buy nearly 10 acres that back up to the dealership at 15859 S.R. 50., located diagonally across the street from UP Development's purchase. The dealership has posted plans to expand its dealership on the new land.