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.
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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.
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