The industrial park is EastGroup’s first spec development project since 2009
Tampa, FL – November 13, 2014 – EastGroup Properties continues to partner with CBRE by selecting them as the exclusive leasing agent for the planned Madison Distribution Center, the first institutional grade, Class A project to be built by EastGroup in the Tampa market in the past five years. The 250,000-square-foot speculative business distribution center is located at 4934 Joanne Kearney Boulevard, in Tampa, FL. Jackson, MS-based EastGroup recently broke ground on the first two of four planned buildings; building one is 59,000 square feet and building two is 68,000 square feet.
The first buildings are slated for delivery in March 2015. The project is already 25% pre-leased and activity for the remaining spaces has been very brisk.
“The positive level of tenant interest in the Madison Distribution Center early in the construction process is a testament to the growing strength of the Tampa industrial market,” said Rian Smith, First Vice President, CBRE Tampa. “CBRE has a depth of experience working on developments such as this one, and we look forward to our continued long-standing relationship with EastGroup on this and future projects.”
The Tampa industrial market saw significant improvement in Q3 2014, according to CBRE Florida Research, with approximately 1.4 million sq. ft. of positive absorption, the 5th straight quarter it has produced positive absorption.
“This new development is a result of improving industrial fundamentals specifically higher occupancies and rental rates in the East Tampa submarket,” said Chris Segrest, EastGroup’s Vice President. “This project meets all the criteria to satisfy the continued demand in this market for new, strategically-located, more energy efficient business distribution buildings. It is the perfect extension of our development program in Central Florida.”
The buildings will feature 24’ clear height, concrete tilt-wall construction, ESFR sprinklers, and rear load capability with 7,500 square-foot bays. The project is located east of U.S. 41 and west of Interstate 75 in the Palm River area of East Tampa.
Third party logistics companies, housing related users, medical supply, food & beverage, and household goods distributors continue to demand Class A amenities; creating a need for new modern logistics space such as EastGroup’s Madison Distribution Center.
Rian Smith, Kostas Stoilas and Kris Courier with CBRE in Tampa will represent the owner in leasing the buildings.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.