Stevens Plantation developer sells Walmart ground lease for $5.45M

Joyce Development Group sold the 6.3-acre retail parcel in Stevens Plantation this week for $5.45 million, the same day the new Walmart Neighborhood Market opened.

The 41,000-square-foot grocer opened Wednesday, along with a gas station and Walmart-to-go convenience store, at the corner of Nolte and Canoe Creek roads in St. Cloud.

Joyce Development had paid just under $1.2 million last June for the Walmart site. The new owner is Orlando shopping center developer Karam Duggal, who bought the property through an affiliate company as a long-term investment.

The city is in the process of replatting the remaining 10 acres of the retail site into seven parcels -- five of which are already under contract.

"We expect excitement and more activity generated by the opening of the Walmart Neighborhood Market store," listing broker Veronica Malolos told GrowthSpotter.

Veronica Malolos is one of the listing brokers for Stevens Commercial Center. She said she expects a lot of activity on the retail sites now that Walmart Neighborhool Market is open. (Victor Salgado / )

She said Joyce Development has contracts to buy lots No. 3, 6 and 7. They are currently in due diligence and scheduled to close June 30.

ARCTRUST, a New Jersey-based REIT that has been buying up retail and fast-food restaurants around Orlando, is under contract for lots No. 1 and 2.

The city-owned planned development features a mix of residential uses, public parks and its own corporate park, which is home to the St. Cloud Preparatory School.

The city is also in negotiations for a potential charter high school at Stevens Plantation.

Five of the seven retail parcels next to the new Stevens Plantation Walmart Neighobrhood Market are under contract. (NAI Realvest)

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.