St. Cloud builder/developer Lazaro Rodriguez of SPC Homeshas sold a two-story commercial building at the corner of Narcoossee and Rummell roads in St. Cloud to focus on developing the 11.5 acres next-door.
Rodrguez had purchased the 13,700-square foot building in 2013 and moved his corporate offices there. He paid $730,000 at the time for the building, which was built in 2009, and last week sold it, fully leased, for $2.8 million.
"We've got a couple of projects in the works for the adjacent parcels," he told GrowthSpotter. "We had a buyer come up who wanted to be on the Narcoossee corridor, so we decided it was a good time to sell."
James Mangan with Colosseum Properties brokered the sale to a group led by Orlando physician Konda Reddy.
"The buyers are experienced investors that I've sold several properties to," Mangan said. "It's a partnership made up of five partners, largely composed of doctors. They were attracted to this property because they see the residential growth in the immediate area."
Rodriguez said the sale allows him to concentrate on the Narcoossee Commons project next door and another 4.5 acres he owns right across the street.
Rodriguez initially proposed a mixed-use Planned Development with a combination of residential, retail and office uses. Now he and Mangan are rethinking the plan.
"We're actually going to stick to commercial use only," he said. "St. Cloud has been adamant about pushing for more commercial, so we changed direction. We're in discussions with some national tenants who are looking at purchasing part of the property."
Rodriguez said he hopes to move his offices to Narcoossee Commons in a few years.
Last year, Rodriguez and business partner Angel Juarbe paid $1 million for the 4.5-acre parcel across Narcoossee Road, at the intersection with Ralph Miller Road. They annexed that parcel into the city and filed a preliminary site plan calling for three buildings totaling 64,500 square feet.