Submarket’s 1.1 percent vacancy rate for warehouse & distribution space places new development in high demand with distribution & freight forwarding companies
JUNE 05, 2017 – Plant City, FL – McCraney Property Company, the most active independently owned developer of high-finish industrial properties in Florida, has broken ground on Phase I of County Line Logistics Center, the only spec industrial asset under construction in Plant City Fla., market. Director Julia Silva Rettig, Director Jared Bonshire, Director David Perez, and Associate Jessica Mizrahi of Cushman & Wakefield have been retained by McCraney Property Company and partner Northwestern Mutual to oversee the leasing of the 1.3 million square foot industrial project spanning 70-acres at the intersection of County Line Road and Rice Road.
County Line Logistics Center will be one of the few sites that can support a single million square foot user, and with the weak vacancy rate of 1.1 percent in the Plant City market for warehouse and distribution space, the project will fulfill a starving demand. According to 1Q 2017 statistics by Cushman & Wakefield, Plant City has 301,552 square feet of industrial product under construction of which County Line Logistics Center represents all but 8,272 square feet.
“With the continuous traction of e-commerce, traditional freight forwarding companies are expanding their ‘hub and spoke’ presence, and national companies need large warehouse spaces to make the shipping and distribution process that much easier,” said Steven McCraney, President and CEO of McCraney Property Company. “County Line Logistics Center is perfectly situated – geographically and timing wise – to serve an untapped market for middle and large scale users alike.”
Construction will commence in two phases with Building’s 100 and 200, totaling 293,280 square feet, kicking off the development located in the immediate vicinity of Amazon, Publix Super Markets, O’Reilly Auto Parts, and Southern Glazer’s Wine & Spirits’ distribution facilities. Building 300 will span 1,048,000 square feet and be part of phase 2.
According to Cushman & Wakefield Research, market conditions in the area, including overall industrial net rental rates increasing to highest rental rates since early 2009 and warehouse and distribution product leading growth at an increase of 25 percent over the past year, suggest that Plant City is in need of new development and leasing should be brisk.
“Countyline Logistics Center’s central location and access to the greater Tampa Bay market, make it a premier destination for users needing immediate access to the I-4 Corridor,” said Silva Rettig. “It is an extremely well-located, high-quality site with amazing potential.”
The Park’s design elements will incorporate McCraney Property Company’s signature clean facades and high-finish benchmark setting product, which includes clear heights up to 36 feet throughout, targeting high-quality end-users requiring freight forwarding and fulfillment needs while also seeking a business location that evokes a sense of place.
The most active developer in the niche of Industrial real estate development, e-commerce distribution facilities, management, and private acquisition in Florida’s major markets, McCraney Property Company has completed or is under construction on nearly 5,000,000 square feet of speculative industrial space.
About McCraney Property Company
McCraney Property Company is a leading regional real estate investment firm focused on acquisition, development and management of industrial properties in Florida’s major markets. Headquartered in West Palm Beach, Fla., McCraney Property Company has completed or is under construction on nearly 5,000,000 square feet of speculative industrial space. Its commitment to its clients and proven execution capabilities has positioned the firm to thrive in today’s recovering industrial market. For more information, please visit http://www.mccraneyproperty.com.
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.