Indianapolis-based Scannell Properties is assembling more land next to its planned NorthPort industrial park in Sanford.
The company has tapped Jean Abi‐Aoun with Florida Engineering Group to help annex about 10.8 acres of land into the City of Sanford and rezone the properties to allow for the development of two new industrial buildings.
Proposed plans call for up to 127,800 square feet of new warehouse and professional office space. Currently, the subject property contains two single-family homes, built around the 1960′s, and some agricultural land along North White Cedar Road.
If completed, the planned buildings will add to the 822,000 square feet Scannell Properties intends to build as part of its NorthPort Industrial Park, located on 67 acres around 475 N. Cedar Rd., north of Narcissus Avenue and south of Rand Yard Road.
NorthPort Industrial Park is also located by the city’s SunRail station, and several transit-oriented communities proposed nearby.
Condev, for example, is proposing a mixed-use community with up to 120 senior living units, 840 multifamily units, and entitlements to allow for up to 15,000 square feet of office space and 25,000 square feet of retail and restaurant uses. And in September, Tampa-based DeBartolo Development filed construction plans with the city for a 288-unit apartment complex on roughly 12.5 acres across the SunRail station.
Representatives at Scannell Properties declined to comment on the story.
The real estate company recently sold the first three buildings of its NorthPort industrial park for nearly $40 million to a group of property investors.
Scannell Properties took over the project from its original developer last year, when it paid $10.1 million for the large development site. The privately-owned real estate development and investment company focuses on build-to-suit and speculative development projects in the United States, Canada and Europe.
The company joins a growing list of developers and real estate investors actively seeking to build industrial projects in Central Florida.
According to a 2020 fourth quarter industrial report by Cushman & Wakefield, construction completions for warehouse/distribution centers over the previous 12 months were the highest ever recorded throughout the Orlando metropolitan statistical area, at 4.3 million square feet.
Last year, nearly 400,000 square feet of industrial space was introduced to the Sanford/Lake Mary submarket.
In December, Dalfen Industrial paid $14.1 million to acquire the newly constructed, 113,150-square-foot Sanford Logistics Center in Sanford. Cushman Wakefield’s Jared Bonshire and Mike Davis help broker the deal. At the time of the sale, the building was 50% occupied with Marine Fasteners signing a 10-year deal.
Some of the most active areas throughout the entire Orlando MSA, in terms of new industrial development, are located in the Silver Star/Apopka and Airport/Lake Nona submarkets, according to the report.
In the last three years, 10.4 million square feet of industrial development was added in the MSA, with a third of all new inventory build-to-suit projects. Leasing activity for the year hit a record 7.3 million square feet.
Experts say the growth is linked to the success of the e-commerce industry and general population growth seen in Central Florida.