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.
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.
"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.
"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."