Real estate firm buys 1,450 acres south of The Villages for $40 million - Villages-News. com
A South Florida-based real estate investment company has acquired over 1,450 acres of land just a few miles south of The Villages for $40 million. Citrus Springs Industrial Holdings, LLC, which is managed by. . .
A South Florida-based real estate investment company has acquired over 1,450 acres of land just a few miles south of The Villages for $40 million. Citrus Springs Industrial Holdings, LLC, which is managed by Sassoon Equities, purchased the expansive tract from Sumter Cement Co. LLC on June 26. According to deed records filed with the Sumter County Clerk of Courts, the transaction was officially recorded on July 6, incurring $280,000 in state documentary stamp taxes. An aerial view of the 1,456 acres that were just sold in Center HillThe $40,000,000 purchase encompasses 1,456. 89 acres divided across 18 distinct parcels in Center Hill. It spans multiple land sections along County Road 469 and County Road 478. The seller, Sumter Cement Co. LLC, held the land for over two decades prior to the sale, having acquired the assemblage of properties in May 2005 from Graham Pelletier Ltd. for $15,057,098. State corporate records show that Sumter Cement Co. is owned by CRH Americas Materials, Inc. , which is the largest producer of asphalt in the United States. Sumter Cement Company previously owned the land for over two decades. As part of the sale, the deed incorporates a perpetual restrictive covenant that places strict limits on how the property can be utilized in the future. Under the terms of the covenant, the land cannot be used for the mining, excavation, or extraction of sand, gravel, clay, limestone, or rocks. In addition, the agreement permanently prohibits the operation of asphalt plants, concrete batch plants, ready-mix facilities, or concrete block and pre-built modular hardscape manufacturing plants on the site. The sale of the property in east Sumter County comes amidst two other sales that have eclipsed the eight-figure mark this year. Just days before the site in Center Hill was sold, a336-unit apartment complex was acquired by a Wisconsin-based real estate investment firm for $60 million. And a couple moths prior to that sale,Publix purchased multiple parcels within the Trailwinds Village for $32. 5 million. What are your thoughts on this $40 million land purchase in Center Hill? Share them in a comment below or write aletter to the editor.