Excerpted from Orlando Business Journal story.
A water equipment and service provider — which employs 17,000 people worldwide — reportedly is hunting for space in a 67-acre industrial development under construction.
Rye Brook, New York-based Xylem Inc. (NYSE: XYL) wants 70,000 square feet of industrial space in the NorthPort Industrial Park in Sanford, sources told Orlando Business Journal. It’s unknown if a deal has been signed. The tenant would be among the first in the industrial park where Indianapolis-based Scannell Properties LLC is the developer.
Xylem reported $5.2 billion in revenue in 2018 and sells equipment to address the world’s “serious water challenges,” according to public documents. The company has multiple locations in Florida, including at 2152 Sprint Blvd. in Apopka.
Executives with Xylem and JLL (NYSE: JLL), which is marketing the property, couldn’t be reached for comment. Wilson McDowell, managing director with JLL, is marketing the property along with Managing Director Matt Sullivan and Senior Vice President Bobby Isola.
Scannell Properties LLC expects to build 809,700 square feet of industrial space in eight buildings on the northeast corner of North White Cedar Road and Narcissus Avenue. Construction has started for the project’s first phase, which includes 265,000 square feet of industrial space in three buildings, as previously reported by OBJ. Construction on the first phase is expected to wrap up in late 2019.
Scannell Properties bought the property for $10.1 million on Jan. 16, according to Seminole County records. Rand Yard Farms LLC was the seller.
The project’s estimated cost is $52.6 million and it may generate dozens of temporary construction jobs, in addition to full-time jobs.
The property is attractive to users due to the growth of State Road 429, which will allow trucks to bypass the heavy construction on Interstate 4, said Larry Kahn, senior director industrial with Tampa-based Franklin Street, who isn’t involved with the deal. Sanford’s workforce and housing also are attractive to new industrial users. “It’s a logical place.”