Kissimmee-based Schoolfield Properties sold the WinnDixie-anchored St. Cloud Plaza last week for $6.4 million, but has retained outparcels and is close to expanding its land holdings in the immediate area.
The sale closed less than two years after Schoolfield purchased the 58,000-square-foot shopping center at the intersection of U.S. 192 and Narcoossee Road. Vice President Cheryl Schoolfield told GrowthSpotter the firm completed a major renovation of the property prior to putting it back on the market.
"We put a new roof on it, and we redid all the parking lot lighting with LED lights," she said. "We also resealed and restriped the parking lot, repainted the entire building and relandscaped."
The buyer is a family-owned investment group headed by Edward Reitz, a partner in New Jersey-based Vanguard Dealer Services.
"They have a large portfolio," Schoolfield said. "They specialize in retail properties."
When Schoolfield bought the 10-acre shopping center, the firm already owned an interest in four outparcels next to the Winn Dixie fronting on Narcoossee Road (C.R. 15). The firm purchased the corner parcel in 2015 for $800,000, and Schoolfield said the company will announce a new QSR tenant soon for that lot.
The firm replatted the shopping center and reconfigured some of the lots, partly to accommodate that user.
Schoolfield now has a purchase contract for the vacant land adjacent to the WinnDixie lot on its western boundary. The firm already owned a narrow strip of frontage on E192, but this acquisition will provide more opportunity for retail expansion.
"We have a user we are negotiating with for a pad site on 192," Schoolfield said. "It's a national tenant."