An Atlanta developer of high-end, award-winning office and industrial parks has purchased land in a busy and growing corridor of Lake Mary.
TPA Group, which has developed $5 billion worth of real estate holdings, recently purchased 22.28 acres on Primera Boulevard, between I-4 and Rinehart Road for $4.3 million, according to a deed recorded Thursday in Seminole County.
The two parcels that TPA purchased are adjacent to the proposed site for New Century Town Center, a 153-acre mixed residential, office and retail development planned at Rinehart Road and Primera Boulevard.
The sellers of the property are an investment group called LMLD Primera LLC, managed by John Kosciulek, a vice president with Jacksonville-based Parkway Properties, which shares the same address as this LLC. This investment group owns the land where New Century Town Center is to be built.
LMLD Primera bought the two parcels it sold to TPA back in late December 2015 from Crescent Communities for $3.225 million, Seminole County records show.
Crescent is also managing the development of New Century, said Jennifer Sharabba, the company's vice president-leasing. Crescent brokered the sale of the adjacent 22 acres to TPA, she added.
TPA declined to comment on what the company plans to do with the vacant land it just purchased. With the announcement in May of the New Century Town Center, the vacant commercial property looks suited for commercial or industrial development. Stephen Noto, Lake Mary's city planner, said Friday the Atlanta company had not filed any site plans.
TPA Group is a private company that claims to have acquired and developed 25 million square feet across 27,000 acres. Their developments include Orlando industrial properties Beachline Corporate Center and International Corporate Park.
The company is also known for its master-planned business parks and mixed-use parks, including Technology Park/Atlanta; Johns Creek, a mixed use park northeast of Atlanta that won the international real estate development prize FIABCI Prix d'Excellenc; and The Bluffs, a mixed commercial, retail and residential development in the Atlanta suburb of Canton.