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Connecticut-based CRE investor pays $9.77M for Lake Nona Sam's Club site

A promotional photo of the new Sam's Club at Lake Nona Landing.
A promotional photo of the new Sam's Club at Lake Nona Landing. (Tavistock)

Connecticut-based real estate investor David A. Mack Properties paid $9.77 million on Friday for two Sam's Club-anchored lots at Lake Nona Landing, a month after selling two outparcels up the road.

Located at 11920 and 11912 Narcoossee Road, Mack's affiliate LLCs DAM Moss Parc and Mack Moss Parc acquired two parcels totaling 15.81 acres that are leased by Sam's Club and its related fuel station, both of which opened in 2016.

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A Sam's Club affiliate previously signed a 20-year ground lease with Tavistock Development Company that started counting on Feb. 3 of this year, with the option for 16 five-year extensions to follow.

Sam's Club is one of the anchor stores for Tavistock's 52-acre Lake Nona Landing along Narcoossee Road, just south of S.R. 417.

The development has approximately 596,000 square feet of retail and restaurants in varied stages of development, including vertical construction underway on a Pollo Tropical, Chili's, Rubio's Coastal Grill and Lowe's home improvement store.

David A. Mack Properties has developed and owned income-producing properties in Greater Orlando and other parts of Florida. One of the company's more notable projects in recent years is a 35-story luxury multifamily and commercial tower in St. Petersburg announced in late 2015, for which construction was expected to start this year.

The new investment by Mack follows two sales in late June totaling $7.215 million by its same two LLC affiliates of bank branch-leased outparcels at 10745 and 10715 Narcoossee Road, roughly a mile north of Lake Nona Landing.

The Sam's Club and fuel station properties went brought under contract July 7, according to language in ground lease assumption documents recorded on Monday. No new mortgage was recorded in relation to the purchases by Mack's affiliates.

Have a tip about Central Florida development? Contact me at bmoser@growthspotter.com, (407) 420-5685 or @bobmoser333. Follow GrowthSpotter on Facebook, Twitter and LinkedIn.

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