Scannell Properties and Hoover Development Partners have formed a joint venture to develop TIA Logistics Center, a 245,000-square-foot of warehouse and distribution center in Tampa. The project is the largest speculative industrial project in Tampa in the last 15 years.

The joint venture acquired the 20-acre development site in November for $4.8 million. JLL's Julia Silva, Luis Castillo and Cody Brais represented the companies in forming the joint venture.

The development project is located in the Air Cargo entrance for Tampa International Airport in the Airport Industrial submarket. This is the most supply-constrained submarket in Tampa with a vacancy rate below 1%, according to research from JLL. The development is currently in the pre-construction phase of the project, currently working on permitting and entitlement approval. Construction is scheduled to begin sometime in 2021.

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.