Submitted By: Matthew Grow
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Presentation By: Matthew Grow
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Department: Aviation
STAFF RECOMMENDATION (Motion Ready):
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Approve execution of a purchase and sale contract for the sale of 115 acres of non-aviation property at the Ocala International Airport to InSite Real Estate Investment Properties, LLC (InSite), in the amount of $12,075,000
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OCALA'S RELEVANT STRATEGIC GOALS:
Fiscally Sustainable, Economic Hub
PROOF OF PUBLICATION:
N/A
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BACKGROUND:
In 2012, the City of Ocala established the Ocala Business Park (Park) at the Ocala International Airport (Airport). A $4 million City investment, the Park consists of approximately 447 acres of property on the west side of the Airport, south of State Road 40, and within three miles of I-75. The Park is served by SW 67th Avenue.
Since the Park was created, the City has sought to sell non-aviation property, including the 115 acres of land (Property) considered in this request, to qualified, interested industrial developers.
In early 2023, InSite Real Estate Investment Properties, LLC notified the City of its interest in the Property. InSite is a national development company with successful developments throughout the southeast that is looking to expand into the Florida market.
Privately held and headquartered in Oak Brook, Illinois, InSite acts as developer, owner, and operator of industrial, office, and retail investment property. According to their leadership, InSite has completed over 600 projects in over 40 states, ranging from 2,000 to 2.6 million square feet and from $1 million to $250 million in value. Specific to the industrial development, Insite focuses on build-to-suit developments for public and private investment-grade companies in primary, secondary, and tertiary markets across the country. A list of recent notable clients includes Kroger Company, PepsiCo, General Motors, Penske Logistics, and Ford Motor Company.
Both the Federal Aviation Administration (FAA)...
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