Avison Young tapped to lease NorthPoint Development’s first industrial project in Florida
Tampa, Fla. – Avison Young has been exclusively retained to lease Tampa Airport Logistics Center, a two-building class A industrial development spanning ±297,254 square feet at 5450 Johns Road and 5416 W. Sligh Avenue in Tampa, Florida. NorthPoint Development recently acquired the 19.21-acre parcel for the project and will break ground immediately. The new industrial complex is scheduled for delivery in fourth quarter 2021.
Ranked the #1 industrial developer in the U.S. over the past five years by Real Capital Analytics, NorthPoint Development has developed and managed more than 97.7 million square feet of industrial space in key markets across the country since 2012. Tampa Airport Logistics Center represents the developer’s first industrial project in Tampa.
“We are very excited about bringing this Class A industrial development to the airport submarket,” said Tim McElroy, NorthPoint Development’s Director of Industrial Development. “Due to land constraints, new development has been minimal for over a decade. As such, we expect the project will be very well received by the market.”
Avison Young Principals Clay Witherspoon, who is also Managing Director of the brokerage’s Tampa operations, and Tim Callahan will oversee leasing services for Tampa Airport Logistics Center. WELBRO Building Corporation has been engaged as the general contractor.
“Demand for industrial space over 50,000 square feet has remained consistently high near the airport for the past 14 years,” said Witherspoon. “The lack of space and opportunities for new development due to land constraints previously forced larger users to seek space in other submarkets while still looking out for better positioned options. As such, we expect strong interest in Tampa Airport Logistics Center, considering its location and timing for completion.”
According to Avison Young research, the Airport industrial submarket recorded a 3.51% vacancy rate as of year-end 2020. Historically, the area has had under 5% industrial vacancy, one of the lowest rates in Tampa Bay, for several consecutive years.
Tampa Airport Logistics Center is strategically situated with easy access to the Veteran’s Expressway (State Road 589), Dale Mabry Highway, and Interstate 275. Building 1 and Building 2 will be ±100,936 square feet and ±196,318 square feet, respectively. The proximity to Tampa Bay’s logistics hub and population core make it ideal for freight forwarding, last-mile, and light assembly industrial users.
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