Lake County brokers tell GlobeSt.com on condition of anonymity that at least two national retailers are interested in buying all or part of a 111-acre tract for a distribution center.

The land at Crystal Lake Executive Park is directly across from the county's near-capacity, nine-year-old, 733-acre Christopher C. Ford Industrial Park in Groveland, FL.

A one-million-sf distribution center has been in the rumor mill for months. Depending on the required parking, that size center would need 70 acres to 80 acres for development, brokers tell GlobeSt.com.

The dirt is going for $2.44 million or $22,000 per acre (51 cents per sf), a bargain, brokers tell GlobeSt.com, when compared to the county's asking price of $35,000 per acre or 80 cents per sf at its own industrial park.

Comparable tracts in Orlando, with the infrastructure in place, are selling for a minimum $100,000 per acre or $2.30 per sf.

"That's the key, the infrastructure," a north Lake County broker tells GlobeSt.com on condition of anonymity. "If you factor in the cost of building roads, sewer and water capacity, the 50-cents-per sf price would probably be closer to the county's 80-cents-per-sf level."

The broker adds, "The owner probably wants to sell this land in a hurry and that's probably the reason for the 50-cents-per-sf price."

South Lake County's industrial hub at U.S. 27, State Road 19 and the Florida Turnpike has been attracting Fortune 500 companies for the past five years. Among them are Circuit City ($24 millioin, 514,000-sf distribution center), Marriott ($4 million, 125,000 sf building), Goodyear, Domino's Pizza ($2.5 million center), American Hotel Register Co. and Sprint Corp.

Home Depot Inc. of Atlanta is negotiating with the county for a 32-acre parcel on which to build a $6 million, 121,392-sf transfer-point distribution facility to expedite deliveries to its stores statewide.

The 111 acres at Crystal Lake Executive Park have been on the market since May 2000. Maitland, FL-based Rebman Properties Inc. represents the owner, the Amnon Michaeli family of New York City.

"Our marketing strategy has been either to find two or three large users for the 111 acres or find a developer who would develop the whole site and sell off developed sites of five to 10 acres in size," Lyle Nelsen, a Rebman senior broker, tells GlobeSt.com. "We are also considering a residential development of approximately 70 acres of the total 111 acres."

Lake County already has designated the property as a planned unit development. Raymond Gilley, president/CEO, Lake County Economic Development Commission, couldn't be reached at GlobeSt.com's publication deadline for additional comment.

Instant Insights /

GlobeSt.com EXCLUSIVE: New Players Looking at Industrial-Hot South Lake County

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