Scannell Properties pays $10.1M for Sanford industrial park, files new development plan
By Mike Salinero
Jan 18, 2019 at 11:01 AM
NorthPort Industrial Park, in the planning stages since March 2016 but never developed, was sold Tuesday for $10.1 million to Indianapolis-based Scannell Properties, according to a deed recorded Wednesday in Seminole County.
The 67.4 acres of pasture land was owned by Rand Yard Farms LLC and had been in the Rand family for more than 80 years. Located at 475 N. Cedar Rd., the proposed industrial park lies north of Narcissus Avenue and south of Rand Yard Road, near Interstate 4 and S.R. 17-46 (West First Street).
Rand owner Chris Kelley could not be reached for comment. When he last spoke with GrowthSpotter in September 2017, Kelley said he was collecting bids from general contractors for site work on the vacant land. He expected to start Dec. 1 of that year and estimated the work would cost $2.5 million.
But no construction plans or site development permits have been approved or issued for the property since Sanford OK'd a preliminary subdivision plan in June 2017, said Russ Gibson, city planning and development services director.
At that time, Kelley projected 25 to 30 buildings would be constructed. But a permit modification that Scannell Properties filed last week with the St. Johns River Water Management District shows the subdivision plan will be changed from 28 building lots to four.
Insight on the Ocala-based developer, and their timeline for construction on multiple buildings this year.
By Mike Salinero
Jul 06, 2017 at 6:03 PM
The new Development Plan calls for a multi-phased project with three industrial buildings, the largest of which is 146,000 square feet. Buildings 2 and 3 would be 75,200 square feet and 20,000 square feet, respectively. The plan retains more than half of the acreage for future phases.
Properties executives declined to comment about their plans, saying through a spokeswoman that the project is "too premature" to release any information.
Founded in 1990, Scannell Properties is a privately owned real estate development and investment company that focuses on build-to-suit and speculative development projects in the United States, Canada and Europe, according to its website.
Scannell does not have a regional office in Florida, but its website lists three build-to-suit projects in Fort Myers, West Palm Beach and Polk City.
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