The hospital bought the State Road 50 land three years ago and held it until the Leesburg, FL-based college had saved enough money to buy the tract for use as part of a planned South Lake County campus. The hospital sold the dirt for the price it paid--$12,503 per acre or 29 cents per sf.
Comparable tracts in the State Road 50 area have sold for double that price in the past two years, brokers tell GlobeSt.com. The college is completing the second of three planned buildings on a 79-acre tract adjacent to the hospital.
There are no immediate development plans for the newly acquired 28-acre tract. The college's main campus is off U.S. 441 north in Leesburg, 25 miles from the South Lake campus.
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