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Investor buys St. Cloud shopping plaza, will begin marketing outparcels

Kissimmee-based Schoolfield Properties this week acquired the two parcels outlined in blue, which includes the St. Cloud Plaza shopping center. The real estate management company already controls the outparcels outlined in red at the intersection of U.S. 192 and Narcoossee Road.
Kissimmee-based Schoolfield Properties this week acquired the two parcels outlined in blue, which includes the St. Cloud Plaza shopping center. The real estate management company already controls the outparcels outlined in red at the intersection of U.S. 192 and Narcoossee Road. (Osceola County)

Kissimmee-based Schoolfield Properties has added to its existing real estate holdings at the key intersection of U.S. 192 and Narcoossee Road in St. Cloud.

An affiliate of the investment and management firm paid close to $5 million this week for the St. Cloud Plaza, which is anchored by a 51,532-square-foot Winn Dixie store, and for the the narrow one-acre parcel next door with immediate frontage on U.S. 192.

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Schoolfield 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 last September for $800,000.

Kissimmee-based Schoolfield Properties this week acquired a 10-acre shopping center in St. Cloud anchored by Winn Dixie.
Kissimmee-based Schoolfield Properties this week acquired a 10-acre shopping center in St. Cloud anchored by Winn Dixie. (Osceola County)

"We really like the location," Kevin Schoolfield told GrowthSpotter on Wednesday. "We already have the outparcels along Highway 15. We're getting ready to market those outparcels."

He said the explosive residential growth up and down Narcoossee Road, all the way up to Lake Nona, made the site an attractive investment. The outparcels, which are in the city limits and zoned commercial, vary in size from 1 acre to less than half an acre.

The 28-acre site on U.S. 192 E is halfway way between Kissimmee and St. Cloud - 8 miles from the closest movie theater.

"That section of town could use a number of sit-down restaurants and quick-service restaurants," he said. "It's also a good location for a convenience store."

Have a tip about Central Florida development? Contact me at lkinsler@GrowthSpotter.com or (407)420-6261, or tweet me at @LKinslerOGrowth. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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