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.
"They are looking for potential mixed-use," said Rayos, possibly with commercial in the front and residential on the rear portion. The property's land use designation is Commercial now.
In November, Clermont approved a 950-unit housing development called WaterBrook that will be located behind the UP Development parcel.
Mattamy Homes plans to build a neighborhood on the 540-acre former sand mine at 13431 Jahna Road. The land was annexed into Clermont from Lake County's jurisdiction.
"It's a great location," said Rayos, adding that UP, which built Dick's Sporting Goods in Clermont, is interested in doing more development in the booming area.
Scott Corbin, managing director of retail services for Colliers International Central Florida, represented the buyer in the deal.
UP will join a gang of other nearby developers who recently announced development plans in the S.R. 50 corridor.
In January, a 328-apartment development was approved for a 25-acre site on S.R. 50 west of Hartle Road, which was purchased for $4.4 million.
Tom Lawler, manager at LSG of Orlando and at multifamily developer Highland Investment Partners, is the owner of that parcel with an equity partner he chose not to reveal at the time.
He told GrowthSpotter he plans to start vertical construction on the apartments in March.
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.