Seller Financing Seals $28 Million Deal For Groveland Industrial Park

The Hunt Family had been gradually expanding their industrial park for a considerable amount of time. They weren’t happy with the bids they were receiving when it came time to sell. Ultimately, the transaction required some owner financing to be successful.

Situated in south Lake County, halfway between Groveland and Minneola, the Hunt Industrial Park was recently sold for $28 million. The 200,000-square-foot park, which is made up of several small bay industrial buildings, is fully occupied. The buyer was Midtown Capital Partners, a real estate investment firm based in Miami.

Orlando-based Foundry Commercial closed the sale. It was made possible with assistance from Justin B. Ruby, a principal in the firm, and Senior Vice President Lawson Dann. They were able to achieve a 4.9% cap rate through seller financing, running a process that moved the selling price up from the mid-$20-million range to the high bid of $28 million.

The industrial park is located at 15430 County Road 565A, north of State Road 50, midway between Groveland and Minneola.

Source: GrowthSpotter