ORLANDO-A partnership of Chicago-based Higgins Development Partners and Walton Street Capital LLC has broken ground on a $12-million, 125,000-sf class A warehouse and office development in Lee Vista Business Commons. The project, Centergate at Lee Vista, will consist of three facilities.

Building A will contain approximately 40,362 sf and Buildings B & C will each contain about 42,428 sf. Each facility will feature for-sale units ranging in size from 3,900 sf to 5,200 sf with 500 sf of office build-out per unit and contiguous space available to approximately 42,000 sf. Construction is expected to be completed within nine months with occupancy slated for October.

Lee Vista Business Commons is located on McCoy Road, situated just north of the Orlando International Airport. The strong demand for industrial space in Orlando is the driving force behind the start of construction on Centergate, which is being built speculatively. Higgins Development Partners senior vice president and eastern regional manager Eugene Preston tells GlobeSt.com that the asking price for the space is $125 per sf. About one-third of the space was pre-sold. "We've been attracting local distribution companies," he says. "We expect that to continue."

Colliers Arnold industrial specialist Forrest Askew III will handle marketing of the project. "Orlando's industrial sales market is stronger than ever, while Florida growth continues to outpace available industrial property," Askew says.

Preston adds that Higgins is looking to expand its presence in Florida with the opening of regional offices in Southeast Florida and Central Florida. "We're very bullish on Florida. We hope to be long-term players in the Florida market," he says.