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Reich Properties preps McCoy Road land for lease to neighboring auto dealer

Highlighted in blue are the 10.44 acres owned by Reich Properties along McCoy Road, and outlined in red is property owned by used auto dealer Off Lease Only, fronting Narcoossee Road.
Highlighted in blue are the 10.44 acres owned by Reich Properties along McCoy Road, and outlined in red is property owned by used auto dealer Off Lease Only, fronting Narcoossee Road.(Orange County Property Appraiser / staff edit)

Reich Properties is pursuing a zoning amendment for 5.22 acres northeast of Orlando International Airport, with aim to lease it to a neighboring used auto dealer that's setting up for expansion.

Located at 8281 McCoy Road, the vacant parcel neighbors another 5.22 acres owned by a Reich affiliate. That land is already leased to Off Lease Only, Inc., which uses it for vehicle storage and a repairs warehouse behind its auto dealership property at 7948 Narcoossee Road.

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Company president John Reich has filed a request with the City of Orlando to amend the framework Planned Development zoning for flexible warehouse and/or automobile-type uses.

Find out why the veteran real estate investors call this location in St. Cloud a "Bull's-eye."

This would bring 8281 McCoy Road's zoning in line with the neighboring parcel, and allow Reich to lease all 10.44 acres to Off Lease Only. Reich paid more than $1.3 million for both parcels between 2014 and 2016.

The zoning change would allow for up to three future warehouse buildings on the 10.44 acres of similar size to the first one, which has 27,300 square feet of conditioned area.

Off Lease Only is in the process of expanding its Orlando dealership in a major way. Of the 23 acres it owns on Narcoossee Road, roughly one third is currently developed. The company began clearing the property in Fourth Quarter 2016 to allow for mass grading, infrastructure and paving.

Insight on the buyer's background, short- and long-term plans for the site, and who's on the seller side.

In January, the company sold an estimated 5-acre portion of its land it deemed excess to Boca Raton-based developer Hardial Sibia, who has a future hotel and fuel station in mind.

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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