Sansone Group to Develop 3.2 Million SF Class A Industrial Project in Port St Lucie
Sansone Group Awarded Contract to Purchase 300 AC for 3.2 Million SF Class A Industrial Project
MIAMI, Florida—July 23 2020—Sansone Group, represented by Lee & Associates South Florida Principal, Alex Pappas, & Peter Crane of Sansone Group, has executed a contract to acquire 300 acres to develop 3.2 million square feet of Class A light industrial and distribution center space in Port St Lucie on the northwest corner of SW Becker Road and I-95.
Acting as the Governmental Finance Corporation, a body which oversees the city’s Southern Grove property, the Port St. Lucie City Council voted unanimously on April 22 to move forward with negotiations on a purchase and sale agreement with the Sansone Group. The agreement was executed on July 13, 2020.
“Sansone Group’s anticipated timing is to master plan the site, close on the land and commence construction in the fourth quarter of 2020, and complete Phase One for occupancy by the third quarter of 2021. The timing for the second and third phases would be dependent on market conditions”, stated Peter Crane, Regional Director of Sansone Group Florida.
Alex Pappas notes, “the Port St Lucie market has significant logistical advantages between two of the largest and fastest growing markets in the United States, Miami and Orlando. The location can service the entire State of Florida within a 5 hour drive time. This will be a great project for Sansone Group.”
Sansone Group was founded in 1957 by Anthony F. Sansone, Sr., and is a nationally recognized commercial and industrial real estate development firm based in St. Louis, Missouri with regional offices in Sunrise, Florida and Indianapolis, Indiana. Over its 64-year history, Sansone Group has established an outstanding reputation for developing high quality projects in key markets throughout the United States. This includes development in commercial, industrial and multi-family sectors. Sansone Group’s current industrial pipeline encompasses 44 projects in 13 states which include build to suit and speculative development projects. In addition to its development arm, the company also specializes in property management, facility management and brokerage.
Lee & Associates | South Florida is a full service commercial real estate brokerage firm providing the highest level of service to South Florida’s diverse industrial, office, retail, multifamily, investment and land sectors. Our dedicated team of professionals is led by Matthew Rotolante, a 4th generation Miami native in a family that has owned and operated commercial property in the South Florida market since 1928. Our bilingual culture allows for open communications throughout the company, fostering collaboration and information sharing. In addition, the Lee & Associates’ robust national network that sold and leased nearly $16 Billion in commercial real estate in 2019 offers clients a cross-market platform of services and expertise across all asset specialties and representation roles.
Lee & Associates is a commercial real estate brokerage, management and appraisal services firm. Established in 1979, Lee & Associates has grown its service platform to include offices in the United States and Canada. Lee & Associates provides superior market intelligence in office, industrial, retail, investment and appraisal to meet the specialized needs of our clients. For the latest news from Lee & Associates, visit lee-associates.com or follow us on Facebook, LinkedIn, Twitter and Link, our company blog.