Avison Young closes $40M sale of Monarch Ranch, a ±3,400-acre industrial development site in Florida’s Center of Commerce
January 22, 2024
Benderson Development and The Villages purchase one of the largest vacant land sites for potential area-defining industrial development at the intersection of Interstate 75 and Florida’s Turnpike
SUMTER COUNTY, FLA. – Avison Young’s Florida Capital Markets Group closed the $40 million court-ordered sale of Monarch Ranch, a unique ±3,400-acre industrial development site in Sumter County, Florida. The property is one of the largest vacant land sites situated within one hour from each of the Orlando and Tampa Central Business Districts, two of the fastest-growing metro areas in the United States.
Avison Young Principals Jay Ziv, Michael T. Fay, John K. Crotty, David Duckworth, Brian de la Fé, and Greg Morrison marketed and sold Monarch Ranch on behalf of the seller as appointed by the court. The buyer was Benderson Development, a well-capitalized development firm with vast experience developing large tracts of land, in partnership with The Villages, a census-designated place (CDP) in Sumter and Marion Counties.
“Strategically located at the convergence point of Interstate 75 and Florida’s Turnpike, midway between Florida’s fastest-growing cities, Monarch Ranch’s scale and connectivity solidifies its potential to be the distribution focus point of the region,” said Ziv. “As the Florida industrial market continues to expand, new ownership has the opportunity to construct an industrial project spanning millions of square feet that could define warehousing activity for the state’s central corridor.”
Due to its unique combination of major roadway accessibility and multimodal systems, making it an ideal distribution hub for businesses, Sumter County has earned its title of Florida’s Center of Commerce. The Interstate 75 and Florida Turnpike juncture sees 69% of all state highway truck traffic. In addition to immediate access to Interstate 75, Florida’s Turnpike, and State Road 44, Monarch Ranch directly borders CSX’s main eastern seaboard freight line, allowing for potential on-site connectivity to a ±20,000-mile rail network serving 23 states.
“We were tapped to sell the Monarch Ranch site as a result of our successful work with complex court-appointed disposition and receivership deals and unique land development sales across Florida,” said Fay. “Despite capital markets experiencing disruption with interest rates increasing several times during the marketing period, we secured a strong private buyer within months of the property going to market.”
Nestled between Sumter County cities Wildwood and Coleman, the Monarch Ranch property use will continue as agriculture until possible large-scale industrial development plans are in place.
Avison Young creates real economic, social and environmental value as a global real estate advisor, powered by people. As a private company, our clients collaborate with an empowered partner who is invested in their success. Our integrated talent realizes the full potential of real estate by using global intelligence platforms that provide clients with insights and advantage. Together, we can create healthy, productive workplaces for employees, cities that are centers for prosperity for their citizens, and built spaces and places that create a net benefit to the economy, the environment and the community.
Avison Young is a 2022 winner of the Canada's Best Managed Companies Platinum Club designation, having retained its Best Managed designation for 11 consecutive years.