Acquiring property in one of the last partially developed interchanges along Interstate 75 between Tampa and Naples, local investment group Moccasin Wallow Holdings, LLC has purchased a 200-acre mixed-used investment/development property for $3.6 million.
Located in Palmetto, Fla., in Manatee County on the southwest corner of Moccasin Wallow Road and I-75, The Woods of Moccasin Wallow includes 31 developed single-family residential lots. The property is zoned for 104 total single-family lots; 268,206 square feet of commercial development for retail and office; and 340,400 square feet of light industrial development.
Bill Short, CCIM and David Berner of Southeast Land Consultants, Inc. represented the seller, REDUS Florida Land, LLC, in the transaction.
The large-scale master-planned Artisan Lakes development, which has approval for 2,800 residential units, is currently underway just west of The Woods of Moccasin Wallow. In addition, another large-scale development in close proximity is planned for construction in the fall.
“This is a great vote of confidence that the area is starting to get positioned for immediate development,” said Berner. “These planned developments and the purchase of The Woods of Moccasin Wallow are signs that people are looking at this interchange as being the next significant growth corridor in Manatee County.”
Prior to selling the subject property in its entirety, there were a number of builders who wanted to purchase the remaining residential within the The Woods of Moccasin Wallow. It is anticipated the new owner will contract with an interested builder to build out the remaining residential units.
“The immediate area in close proximity to the interchange is ideally positioned for residential growth because it is conveniently located between major employment areas: Hillsborough County, Pinellas County and Sarasota,” said Short. “As retail development and other services start to come online around the Moccasin Wallow Road interchange, the immediate and surrounding area will begin to see explosive growth in residential housing.”