Stonemont Unveils Plans For Two Massive Distribution Centers In Central Florida
Totaling 1.33 million square feet, the projects in Groveland and Ocala are both being developed on a speculative basis and will deliver in early 2023.
Totaling 1.33 million square feet, the projects in Groveland and Ocala are both being developed on a speculative basis and will deliver in early 2023.
The properties were 100% leased at the time of sale to Florida-based Richland Capital Holdings.
Both properties were acquired by Eagle Property Capital Investments, LLC.
Cushman & Wakefield’s Mike Donaldson and Nick Meoli represented the seller in the transaction.
PPF Real Estate acquired the 10-building suburban office park for $315 million.
The 75,000-square-foot property Includes 50,000 square feet of office space, warehouse and dock-high loading.
Construction will commence in November 2021 and the property is expected to deliver in the fourth quarter of 2022.
The 3.82-acre site is located adjacent to the University of Central Florida.
The 38,537-square-foot portfolio was 88.2% leased with a weighted average lease term of over 5.5 years.
The shell buildings sold for approximately $127 per square foot.
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