Benderson Development paid $40 million for Monarch Ranch, a vacant 3,400-acre industrial development site in Sumter County. Benderson bought the property jointly with The Villages, a census-designated place (CDP) in Sumter and Marion Counties. The sale was court-ordered due to the seller’s legal and financial problems. The property is one of the largest vacant land sites within one hour from each of the Orlando and Tampa Central Business Districts, two of the fastest-growing metro areas in the United States.
An Avison Young team led by Michael Fay marketed and sold Monarch Ranch on behalf of the seller as appointed by the court. “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.
Between Sumter County cities Wildwood and Coleman, the Monarch Ranch property use will continue as agriculture until financial conditions improve enough to develop the zoned industrial park.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.