The South Florida port finalized a transaction with Wal-Mart Stores East to divest 271 acres of land near Interstate 95 in Cocoa, Fla., for use as a distribution center and refrigerated warehouse complex.
Port Canaveral in southern Florida has completed the sale of 271 acres of land to Wal-Mart Stores East, LP, the port said Thursday.
The land, located on State Road 524 near Interstate 95 in Cocoa, Fla., was originally purchased by the port in December 2014 for $1.95 million.
The initial plan was to develop the area into a cargo distribution center. However, discussions between the Canaveral Port Authority and the retail giant for a Walmart-operated distribution center began in 2016 and led to an initial agreement for sale earlier this month.
The Canaveral Port Authority said it intends to use the proceeds from the sale to increase port reserves, satisfy capital requirements and reduce its debt.
According to the port, Walmart announced plans to open a distribution center and refrigerated warehouse complex last year in order to store cold produce, meat, dairy, and other perishable freezer items.
“Ultimately, Port Canaveral hopes to realize some economic benefit once the distribution center is complete and operational by way of increased cargo business through the port from Walmart,” Canaveral Port Commission Chairman Tom Weinberg said of the deal. “The port views this sale as a win-win for the region as a whole, as it stands to prosper from the distribution center, the first of several proposed development projects which could revitalize the SR 524 corridor and the surrounding communities.”
Port Canaveral inaugurated its first container terminal in the summer of 2015, but didn’t accept its first container customer until the beginning of last year.
According to ocean carrier schedule and capacity database BlueWater Reporting, Port Canaveral now hosts three ocean liner services, one container loop, the Blue Stream Service operated by Streamlines, and two roll-on/roll-off car carrier services operated by NYK RoRo.
Port Canaveral sells property to Walmart
