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Seacoast Bank taking over Ocoee property for $1.01M, will prep for resale

Stuart-based Seacoast National Bank should soon take over a 2.94-acre commercial property in Ocoee for which it paid $1.01 million in February, and has yet to choose a listing broker for the site's eventual marketing and sale, the company's senior vice president told GrowthSpotter.

Located at 10885 W. Colonial Dr., just off the northeast corner with Maguire Road, the property lies a few hundred yards from the former Colony Plaza hotel site that's now a target for mixed-use and retail by multiple local developers.

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The property features a single-story commercial building with 26,646 net square feet, formerly home to Floors Direct Plaza. The multi-tenant building has three unit spaces with grade-level and dock-high loading bays in the rear.

Located at 10885 W. Colonial Dr. in Ocoee, just off the northeast corner with Maguire Road, the commercial property will soon be owned by Seacoast Bank, which will turn and market it for sale.
Located at 10885 W. Colonial Dr. in Ocoee, just off the northeast corner with Maguire Road, the commercial property will soon be owned by Seacoast Bank, which will turn and market it for sale. (Orange County Property Appraiser)

Acquired via Seacoast Bank's LLC affiliate TC Property Venture, the $1.01 million was a winning bid in the 9th Circuit Court's foreclosure sale. It was the cash conversion of part of a $2.48 million foreclosure judgment Seacoast obtained in October 2015 in the 9th Circuit Court, against former property owner Michael A. Carr.

Seacoast doesn't own the property yet, but expects the county clerk to issue the title shortly, said Kevin Picart, senior vice president. Once the title is in hand, the bank's affiliate will prepare the property for marketing and sale.

The property may or may not be listed with a commercial broker. Picart said when that decision is made, the bank will assess its options in the Orlando area.

In the meantime, Seacoast is welcoming prospective offers on the property from investors and realtors, Picart said.

A public auction for the property had originally been scheduled for Nov. 12, but was canceled due to a bankruptcy filing by Carr.

While Seacoast affiliate TC Property Venture was the highest bidder at the February auction, its bid of $1.01 million will not necessarily be credited against the $2.48 million owed to Seacoast. A separate court action will determine the actual credit against the judgment.

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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