Brennan Investment Group, a Chicago-based private real estate investment firm, and Grandview Partners, a Connecticut-based private real estate investment manager have commenced construction of a 1,011,697-square-foot building at CenterState Logistics Park East. The project, Building 400, is the largest speculative industrial development to enter the Central Florida market to date and is expected to be completed in the first quarter of next year.
CenterState East is located north of I-4 across from Florida Polytechnic University with over 5,000 feet of frontage on the interstate. When completed, the development will add 1,516,097 square feet of industrial space to the market.
Edward Miller, CCIM, SIOR, and Dee Seymour, MCR, SIOR, of Colliers International Tampa Bay, and Deborah Mickler, SIOR, and David Wilson of Colliers International Central Florida are the exclusive leasing agents on the project. The team also managed the sale of the 164.85-acre property to Brennan in 2019.
“The I-4 industrial market from Tampa to Orlando has now fully evolved to a full-blown distribution corridor,” said Miller, Executive Managing Director for Colliers International. “Along this stretch of I-4, there are five buildings under construction that will bring more than 3.8 million square feet of property to market. And we see no pause in this evolution, fueled by ecommerce and emerging new industries investing in the nation’s third-largest state.”
Brennan Investment Group owns over 44 million square feet of industrial property in 29 states. Grandview manages on behalf of its investors approximately $1.2 billion of real estate investments in the U.S. focused primarily on industrial (7.1 million square feet), office (4.1 million square feet) and land development. The firms also developed CenterState Logistics Park West, located less than half a mile from the new development. CenterState West was also built on spec and leased prior to completion. In 2017, PepsiCo fully leased the 605,412-square-foot warehouse for a Gatorade distribution center, and in 2019 they leased Building 3, an adjacent 440,000-square-foot warehouse, then under construction.
CenterState Logistics Park East will feature a cross-dock warehouse, 40-foot clear height, 7-inch floor slab at 4,000 PSI and R20 roof deck insulation.
“In Central Florida, big box warehouse and distribution tenants represent a range of industries. E-commerce continues to drive a significant portion of demand for industrial space in this market, and we see no slowdown in the coming years,” said Bob Krueger, Managing Principal of Brennan Investment Group. “As the market continues to attract larger users of industrial space, we will be ready to accommodate the need.”